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EDITIONS
Monday, 17 June, 2002, 16:16 GMT 17:16 UK
ICI seals early payday from US sale
Chemicals and paints group ICI has negotiated an early payday through its exit from US-based Huntsman International.

ICI said it would gain $430m (290m), before interest, for the sale of its interests in Huntsman to CSFB Global Opportunities Partners.

The last payment for the sale will be made in May next year, two months earlier than ICI had previously calculated for.

The money will ease cash concerns at ICI, which earlier this year raised 800m through a rights issue.

And it comes amid a longstanding drive by ICI to focus on specialty, rather than bulk, chemicals.

"This is a very good deal for ICI and its shareholders," chief executive Brendan O'Neill said.

"It delivers excellent value overall. It also means we can further focus our attention on building and developing our own businesses within the specialty products and paints markets."

ICI shares closed 7p higher at 292p amid a firm London stock market on Monday.

See also:

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