Issue Date: October 23, 2006
Orica Is Buying Minova
Australia's Orica has agreed to buy Minova, a British supplier of mining chemicals and equipment, for $645 million. Minova is a BP spin-off that was acquired in 2003 by Close Brothers, a private equity fund. It manufactures mining equipment and a range of chemicals used to prevent water and gases from leaking into mines. Minova employs 1,200 people and operates 17 plants in 10 countries. Orica says Minova fits well with its existing mining services business and is well-positioned in Russia, Kazakhstan, and China.
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