Issue Date: August 11, 2014
Orica To Part Ways With Chemicals
Australia’s Orica intends to spin off its chemicals business as a separate company on the Australian stock exchange. Orica’s chemicals business had sales of about $1.1 billion in 2013. However, the chemical unit accounts for only about 17% of Orica’s total revenue, which is dominated by mining services and materials. The company says it has received unsolicited inquiries about buying the chemicals business but notes that it prefers a spin-off.
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