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Divestment moves ICI further toward corporate goals.
INEOS GROUP will use new technologies in methyl methacrylate and hydrogen cyanide to greatly expand the acrylics business it is acquiring from ICI. ICI has agreed to sell ICI Acrylics to Ineos for 505 million ($873 million). Ineos is backed by Charterhouse Development Capital, a private equity company.
The acrylics operation, which has annual sales of around $800 million, will remain a stand-alone activity separate from Ineos's main business in ethylene oxide and derivatives, of which it is Europe's largest producer.
"The acrylics business fits well...