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Business
ICI Buys Back a Paint Business
July 23, 2007
| A version of this story appeared in
Volume 85, Issue 30
ICI is to pay just under $105 million to South African chemical company AECI for its Dulux paint operations. In addition to buying the Dulux assets in South Africa, ICI is acquiring AECI's shares in the paint subsidiaries in Botswana, Zambia, Swaziland, Malawi, and Namibia. Prior to 1995, ICI held a 38% stake in AECI, which owned rights to the Dulux brand—ICI's major paint and coatings brand—in South Africa. ICI phased out its shareholding in AECI between 1993 and 1995.
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