IHS Chemical Week

Markets :: Specialty Chemicals :: Adhesives and sealants

Henkel Affiliate to Buy ICI India Division

10:20 AM MDT | April 7, 2008 | Kate Phillips

ICI India (Haryana), a unit of Akzo Nobel’s ICI, says it will divest its adhesives business for roughly Rs2.6 billion ($65.2 million) to an unspecified Indian affiliate of Henkel. The transaction is expected to be completed by the second half of the year, pending approval by ICI India shareholders and other statutory approvals. The adhesives business reported net sales for the fiscal year ended March 31, 2007 of $33.7 million. The divestiture follows Akzo’s £8.1-billion ($16 billion) acquisition of ICI earlier this year, and Akzo’s...

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