Rhodia has signed an agreement to sell its UK inhalation anaesthetics business based at Avonmouth to the Indian firm of Nicholas Piramal.
At the Avonmouth production site, the business manufactures Halothane and Isoflurane, inhalation anaesthetics which are sold globally.
Production assets are not included in the transaction and, as part of the agreement, Rhodia will continue to manufacture Halothane and Isoflurane for up to two years exclusively for Nicholas Piramal.
The business generated sales in 2003 of £7 million. It is expected the transaction will be completed in the coming weeks subject to the approval of the Bank of India.
The deal, which is part of the strategic refocusing of Rhodia’s Perfumery, Performance & Agro enterprise, forms part of the divestiture of non-strategic activities being undertaken by the Rhodia Group with a view to consolidating its business portfolio.