ICI Australia to Sell Ceramic Business

4th June, 1997

ICI Australia today announced it intends to sell its Advanced Ceramics components and powders business to US-based Carpenter Technology Corporation for $A21.5 million. The business has component manufacturing operations located in Victoria and California, USA, and a North American zirconia powder plant based in New Hampshire.

ICI Advanced Ceramics division general manager Mr Murray Winstanley said, "The recent performance of the Ceramics business, together with its potential to strengthen Carpenter's existing portfolio, prompted the company to approach ICI with a purchase offer."

"Carpenter is a leading manufacturer of specialty metals", he said. "In the past five years the company has pursued a growth strategy which includes acquisition of engineered product manufacturing companies, particularly those involving advanced ceramics."

ICI Advanced Ceramics employs approximately 200 people worldwide and these jobs will be unaffected by the sale.

Mr Winstanley confirmed that ICI's sale plans, which are still subject to the completion of due diligence, are the culmination of months of discussion. "This decision is completely unrelated to ICI plc's recent share sell-down announcement", he said.