ICI finally sold to Dutch rival
Imperial Chemical Industries has officially been sold to its new Dutch owner Akzo Nobel, marking the end of an era for an icon of British industry
ICI has delisted from the London market after the completion of Akzo Nobel's £8bn takeover.
It is unclear if the ICI brand will survive, with the Dutch firm yet to decide on the corporate identity of its new acquisition. However, the Amsterdam-headquartered firm is confident that the company's Dulux brand will remain, as will ICI's US paint arm Glidden.
Akzo said a decision on ICI will be made in the next couple of months. ICI now employs around 3,500 staff in the UK and 26,000 worldwide.
Akzo outlined just before Christmas how ICI will be integrated into the firm, with a new decorative paints division being launched following the acquisition. Dulux Paints operates from sites at Slough, Stoke Poges and Stowmarket, Suffolk.
The Dutch group owns Dulux competitor Crown Paints, but will have to sell the brand in the UK and Ireland as part of its deal with the European Commission to secure clearance for the ICI takeover.
It has also struck a deal to sell ICI's adhesives and electronic materials business to German chemicals firm Henkel, the maker of Persil washing detergent, for £2.7bn.
Image: ICI's new owner says the Dulux brand will remain