ICI to Sell Cimsec Business to Henkel
Cimsec, which is used by professional tile layers and by consumers, operates in Austria, Hungary, Czech Republic, Slovakia, Croatia and Poland. It has annual sales of about €20 million and employs around 60 people who will transfer to Henkel following employee consultation.
Completion of the agreement is expected in Q2 2006 subject to regulatory approval. Proceeds of the sale will be used to reduce Group debt.