ICI Completes Sale of Crosfield, Two Other Units
January 24, 2001
LONDON — ICI plc has completed the sale of its Chlor-Chemicals, Klea and Crosfield businesses to Ineos, a major global producer of acrylics, ethylene oxide and derivatives, for approximately £325 million, or $472 million. Ineos is based in Belgium. ICI said the sale will essentially complete a drastic revamping of the company over the past three years into a specialty-chemicals and decorative-coatings manufacturer. Crosfield, with operations in Joliet, IL, is a major manufacturer of silica and alumina products, including silicates and zeolites. Klea is a manufacturer of fluorine-based products, and Chlor-Chemicals is a major chlor-alkali producer in Europe and a global supplier of chlorine derivatives.