Disposals keep ICI on specialist path

ICI moved a step closer to becoming a speciality chemicals firm this week with the £1.7bn sale of its industrial chemicals businesses to US company Huntsman. The deal included Tioxide (£500m), selected petrochemicals activities (£150m) and polyurethanes (£1.05bn). The sold businesses will be part of Huntsman ICI Holdings, in which ICI will hold a 30% […]

ICI moved a step closer to becoming a speciality chemicals firm this week with the £1.7bn sale of its industrial chemicals businesses to US company Huntsman.

The deal included Tioxide (£500m), selected petrochemicals activities (£150m) and polyurethanes (£1.05bn).

The sold businesses will be part of Huntsman ICI Holdings, in which ICI will hold a 30% stake.

The deal leaves ICI to sell its 50% share in its Teesside refinery, the Runcorn-based chlorine chemicals and polymers business and a methanol business. The Wilton ethylene cracker, 80% owned by the firm and 20% owned by BP Chemicals, and ICI Acrylics are also up for sale.