Orica Acquires Share of Dubai Explosives Business

28th October, 1998

Orica Limited (Orica) today announced that its European subsidiary has agreed to acquire a 49% shareholding in Emirates Explosives LLC (Emex) from Imperial Chemical Industries PLC.

The other 51% of the joint venture company is owned by the Ruler of Dubai.

Emex manufactures in Dubai for the local quarry, oil exploration and construction markets. It also sells into a number of neighbouring countries. Annual sales are approximately A$6 million.

Chief executive officer of Orica’s international explosives business, Peter Clinch said "This acquisition is further demonstration of our resolve to be recognised as the world leader in explosives and blast management systems. It provides an important geographic bridge between Orica’s European and Asian businesses."

The transfer of shares is expected to be completed within 30 days.