Orica Launches New Presence in China

27th March, 1998

Orica, formerly ICI Australia, today launched a new presence in China with the opening of a new Orica Australia Pty Ltd Chief Rep office in Beijing. The Chief Representative - the official title for employees of foreign companies - will be Madam Fang Li.

The office was formally opened by Orica Explosives general manager Mr Alan King who is representing Orica managing director and CEO, Mr Philip Weickhardt. The launch was attended by representatives from the Chinese coal, gold, mining and construction industries.

Mr King said, "We are delighted to establish this new presence here as we see China as an important part of our growth aspirations.

"An excellent example is Orica's 80 per cent equity in the joint venture with Shandong Province-based explosives manufacturer, Weihai City Factory 711, which represents the first foreign investment in the industry.

"Other examples include:

• Orica's Plastic Films business, which manufactures nappy liners and other personal hygiene products, which is keen to continue its export business here and
• Orica's Adhesives and Resins division which manufactures in China under a licensing arrangement."

Orica is now an independent company following separation from its parent company, ICI PLC, last year.

"As Orica, we aim to be innovative, customer-focused, dynamic and world-competitive," said Mr King in his launch speech. "The company has already begun plotting its own course into the 21st century with the announcement in December 1997 of its acquisition of ICI PLC's explosives activities in the Americas and Europe.

The acquisition will make Orica the world's largest supplier of explosives with a global market share of approximately 20 per cent."