ICI to divest catalyst business to Johnson Matthey

By SiliconIndia   |   Monday, 23 September 2002, 07:00 Hrs
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BANGALORE: The board of ICI India has decided to recommend the sale of the company's catalyst business to Johnson Matthey plc, according to a release issued by ICI to the BSE today.

The total consideration expected to be received for this business is about Rs 140 crore, the release said.

The catalyst business of ICI is closely integrated with the Synetix Business of the ICI Group.

In January 2002, the ICI Group had decided to divest the business and has since agreed to sell its global Synetix business to Johnson Matthey.

The net sales revenue from the business in the financial year ended March 2002 was Rs 43 crore, the release said.

The business proposed to be transferred to Johnson Matthey will include the entire commercial set up along with the Taloja manufacturing facility and about 49 employees.

The transaction is expected to be completed in the current fiscal year, the release added.


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