The sale reflects the company's ongoing strategy to focus on specialty chemicals and paints, ICI said. The company said it will use proceeds from the sale to reduce debt.

ICI exercised an option to sell its 30% stake in the joint venture last October to its U.S.-based partner, Huntsman Chemical Corp. But Huntsman sought a delay in the deal late last year after it failed to obtain financing.

Huntsman International was created in 1999 when ICI agreed to sell its Polyurethanes, Tioxide and selected Petrochemicals businesses to Huntsman Corp. Under the deal, ICI agreed to retain a 30% stake in Huntsman International for at least three years.