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ICI AND BASF AGREE ON ACRYLICS AND POLYPROPYLENE TRANSACTIONS

 WILMINGTON, Del., Jan. 21 /PRNewswire/ -- ICI and BASF have reached agreement in principle on two separate transactions under which ICI will acquire BASF's West European acrylics business and BASF will acquire ICI's West European polypropylene business including 'Procom' polypropylene compounding.
 The acquisition of BASF's West European acrylics business is a further step in ICI's strategy of building a globally competitive position in acrylics manufacture. Purchase of BASF's Resart GmbH and Critesa SA subsidiaries located at Mainz, Germany and near Barcelona, Spain will give ICI a broader production base in Continental Europe to complement its manufacturing assets in Asia Pacific, North America and the UK, and move the business closer to its customers in Continental Europe.
 The business to be acquired has a turnover of about $90 million to add to ICI Acrylics current turnover of around $450 million. Some 400 employees in Germany and Spain who will transfer with the business, produce polymethylmethacrylate (PMMA) granules and semi-finished acrylic glass products for the European market. The capacities are 21,000 tonnes per annum of granules and 13,000 tonnes per annum of semi- finished products. Last April, ICI announced the proposed acquisition of Du Pont's US based acrylics business which remains subject to regulatory clearances.
 BASF will acquire ICI's "Propathene" polymer plants situated at Rozenburg, Netherlands and Wilton, UK, which have an aggregate annual capacity of 300,000 tonnes per annum, and the Wilton based "Procom" polypropylene compounding business. About 530 employees at Wilton and Rozenburg are affected and will transfer to the new owner upon completion. The businesses have a turnover of around $200 million per annum.
 The difference in value between the two transactions will be recognized by a payment from BASF to ICI. The precise figure will be set after due diligence, examination of working capital, and other factors.
 Sir Denys Henderson, Chairman of ICI, said, "This is a further demonstration of ICI's determination to focus on those businesses which have been selected for strategic growth by the ICI Group and which have a strong global position in our key markets of Europe, North America and Asia Pacific. The transaction will enhance the ICI Acrylics business' ability to serve its Continental European customer base.
 "It is also a good agreement for ICI's polypropylene business as it can develop further within a company committed to this particular market sector."
 The acquisitions are planned to be complete by the middle of 1993, subject to normal regulatory approvals. Further announcements will be made in due course.
 In North America, ICI is a $3.7 billion diversified international chemical company with 15,000 employees and 57 manufacturing and R&T sites. ICI is composed of the following international businesses: Materials (Acrylics, Composites, Films, Polyurethanes), Paints, Explosives, Industrial Chemicals, Tioxide, as well as regional businesses. In the United States, ICI is organized as ICI Americas Inc; in Canada, as ICI Canada Inc.
 -0- 1/21/93
 /CONTACT: Sheldon Jones, 302-886-3476, for ICI/
 (ICI)


CO: ICI Americas Inc.; BASF ST: Delaware IN: CHM SU: TNM

SH -- NY024 -- 7316 01/21/93 10:34 EST
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Date:Jan 21, 1993
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