ICI said it has agreed to sell ICI Acrylics to Ineos Acrylics Ltd. for £505 million. The business, described by ICI as the world leader in methacrylates, produces methyl methacrylate monomer, polymethyl methacrylate and acrylic sheet and resins sold under a variety of trade names, including the brands “PERSPEX” and “LUCITE.” Key product applications include raw materials for coatings and adhesives. The business employs approximately 2,000 people worldwide, is headquartered in Everberg, Belgium, and operates production sites in Europe, the United States, and Asia. ICI said it expected to complete the transaction in October 2000, pending regulatory approval.
ICI also said it has agreed to sell its International Fluoropolymers business to Asahi Glass Co. of Japan for $136 million (U.S.). The business operates production facilities in Bayonne, NJ, and Fleetwood, UK, and a downstream specialty polytetrafluoroethylene operation in Thorndale, PA. The business’s primary product, “Fluon” PTFE, is used in nonstick coatings for cookware, architectural coatings and other industrial applications. ICI said the business’s 400 employees will transfer to Asahi, with the transaction expected to be completed by the end of the year.
ICI Chief Executive Brendan O'Neill said the company has completed more than 50 divestments since May 1997, with gross proceeds from the program now exceeding £6 billion.