Following the September 23rd announcement of ICI’s intention to sell off its Synetix businesses outside of India, the transaction has been completed. Johnson and Matthey have acquired the business at a cost of ₤241 million.
ICI will receive a further ₤19 million when they complete the sale of the Indian portion of the business. This is expected to be concluded during the fourth quarter of this year.
Synetix manufactures catalysts for a range of industries such as oil, gas and ammonia.
After tax and other costs, ICI expect to reap approximately ₤210 million which will go towards reducing company debt levels.
For more information on catalysts, click here.