Minova, the Chipping Norton-based speciality chemicals company with 17 sites in ten countries, is to be acquired by Orica of Australia for £357m, consisting of a sale price of £353m plus £5m acquisition costs. Minova provides specialist chemical products for underground mining and civil engineering, and operates in all major mining regions worldwide, with the exception of South America. “Minova is an outstanding business in an attractive and growing market segment that is closely adjacent to Orica’s existing Mining Services business. It has a high quality and committed management team that has demonstrated an excellent track record of significant earnings and cashflow growth." said Graeme Liebelt, Managing Director and CEO of Orica. The acquisition is expected to be completed by the end of 2006, subject to regulatory approval. Orica will finance the acquisition through cash and existing debt facilities, and stated that it expects it to be immediately earnings-per-share accretive.
