BP have announced that they have agreed to terms with Close Brothers Private Equity, to sell Fosroc Mining for £32 million in cash and assumed debt. The deal is expected to be completed during the first quarter of 2003, pending regulatory approvals.
Fosroc Mining is the specialty mining chemical business of Burmah Castrol, which was acquired by BP in 2000. It is also the last part of the Burmah Castrol specialty chemicals business to be divested by BP.
Fosroc Mining have 13 manufacturing sites in 7 countries, with the main ones located in USA, Germany, Australia, South Africa and Poland.
They are a leader in the supply of specialty chemicals and consumables to the mining industry. Product lines include resin capsules, injection grouts and other consumables.
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