ICI Announces Agreement to Sell Stake in Huntsman Venture
LONDON -- ICI plc recently announced an agreement to sell its 30% stake in the Huntsman International Holdings joint venture to CSFB Global Opportunities Partners L.P. for L295 million, or approximately $430 million. The sale reflects the company's ongoing strategy to focus on specialty chemicals and paints, ICI said. The company said it will use proceeds from the sale to reduce debt.
ICI exercised an option to sell its 30% stake in the joint venture last October to its U.S.-based partner, Huntsman Chemical Corp., but Huntsman sought a delay in the deal late last year.