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ICI SELLS LIME BUSINESS TO MINORCO FOR 115 MILLION POUNDS STERLING

 ICI SELLS LIME BUSINESS TO MINORCO FOR 115 MILLION POUNDS STERLING
 NEW YORK, Dec. 6 /PRNewswire/ -- ICI, Imperial Chemical Industries PLC (ADR - NYSE: ICI), announced today that it has reached an agreement to sell its U.K.- based lime business to Minorco. The deal is valued at about 115 million pounds sterling plus an adjustment in respect of cost of stocks and the consideration will be paid in cash.
 The divestment is part of the company's continuing restructuring program announced earlier this year by Chairman Sir Denys Henderson.
 ICI's lime operation, a business within ICI Chemicals & Polymers Ltd, comprises quarries and processing facilities at Turnstead, Old Moor and Hindlow -- all near Buxton, Derbyshire, and covering an area of 3,070 areas, with proven reserves of around 400 million tons of limestone. It employs around 480 people who will transfer to Minorco.
 The lime business extracts and processes limestone. Some processed stone is sold directly for chemical and construction applications. The balance is treated at the quarries to make quicklime -- used to purify steel, in effluent treatment, and many environmental applications -- and hydrated lime, used in water treatment and mortars. Slurries are used to make cement.
 The lime business is profitable and in 1990 had sales in excess of 55 million pounds, made almost entirely to U.K. customers. However, it falls outside ICI's long-term strategy of developing businesses in which it has strong global positions.
 Minorco is an international, natural resources group which has interests in sand, gravel and tungsten ore mining in Europe and gold, copper, zinc and nickel mining and processing in North America. The acquisition of ICI's lime business will therefore complement its business portfolio.
 The sale to Minorco is expected to be completed by the end of 1991.
 -0- 12/6/91
 /CONTACT: Vincent J. Leheny of ICI, 212-644-9274/
 (ICI) CO: Imperial Chemical Industries PLC ST: New York IN: CHM SU: TNM


CK-TS -- NY011 -- 0016 12/06/91 10:13 EST
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Publication:PR Newswire
Date:Dec 6, 1991
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