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ICI sells business unit to Rutgers AG

Published on 2002-03-27. Author : SpecialChem

Britain's Imperial Chemical Industries Plc said on Wednesday it agreed to sell its industrial wood preservation and fire retardant business to German firm Rutgers AG.

Rutgers, a subsidiary of the international and technology group RAG, is an industrial company focusing on the plastics and chemicals sector.

ICI said in a statement that the sale would enable it to focus on the development of its DIY and trade decorative coatings businesses in Europe. It added the annual turnover of its wood preservation and fire retardant business was around $9.8 million.

The value of the transaction is less than one percent of ICI's gross assets, the firm said. ICI added the deal is subject to regulatory approval.


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