Britain“s Imperial Chemical Industries (ICI) said it had agreed to sell its fluoropolymers business to Japan“s Asahi Glass for US$ 136 million.
The deal was expected to be completed by the end of t…
Britain“s Imperial Chemical Industries (ICI) said it had agreed to sell its fluoropolymers business to Japan“s Asahi Glass for US$ 136 million. The deal was expected to be completed by the end of the year, ICI said in a statement. The sale forms part of ICI“s aim to divest its industrial chemicals businesses and reshape as a speciality chemicals and paints group. The divestment is expected to give rise to a small exceptional profit and be earnings enhancing in the next 12 months, ICI said. It said sale proceeds would be used to reduce debt. ICI Fluoropolymers, based mainly in the US and Europe, had a turnover of US$ 110 million in 1998.