TITLE

Croda Acquires Uniqema from ICI

AUTHOR(S)
Young, Ian
PUB. DATE
July 2006
SOURCE
Chemical Week;7/5/2006, Vol. 168 Issue 23, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article states that Croda International has agreed to acquire ICI's Uniqema oleochemicals and derivatives business for £ 410 million. Croda will pay ICI £ 370 million in cash and assume £ 40 million of unfunded pension liabilities on completion of the deal in the third quarter. Uniqema reported 2005 Ebitda of £ 49 million on sales of £ 626 million. ICI says it will use about £ 256 million of the sale's proceeds to pay down debt, and £ 130 million to reduce the company's pension deficit. The deal includes the Uniqema activities that form part of ICI India, subject to approval from shareholders in ICI India, which is owned 51% by ICI.
ACCESSION #
21660180

 

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