ICI completes sale of Synetix business

Published: 1-Nov-2002

ICI has completed the sale to Johnson Matthey of its catalyst business Synetix, outside India. The deal was first announced in September.


ICI has completed the sale to Johnson Matthey of its catalyst business Synetix, outside India. The deal was first announced in September.

ICI has received gross proceeds of £241m (Euro 378.6m), and will receive a further £19m (Euro 29.8m) on completion of the sale of ICI India's catalyst business, which is subject to the approval of ICI India's shareholders. This is expected during the fourth quarter.

The net proceeds of the transactions, after tax and other costs, are expected to amount to some £210m (Euro 329.9m), which will be used to reduce group indebtedness.

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