LONDON - Imperial Chemical Industries PLC has reached an agreement to sell its oleochemicals and surfactants business, Uniqema, based in Gouda, the Netherlands, to Croda International PLC for a gross consideration of £410 million, subject to closing balance-sheet adjustments, including working capital and net debt. The net consideration will be paid in cash on completion.

Completion of the transaction is expected this quarter, subject to approval by Croda shareholders, regulatory approval and employee consultation. In the case of the Uniqema business within ICI India Limited, the transaction is subject to its shareholders' approval. The Uniqema business within ICI Pakistan Limited will not be part of the transaction.