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ICI Complete Sale of Catalyst Business

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.

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