ICI to acquire the Shaw Mudge Fragrance Business
Headquartered in Shelton, Connecticut, US, the business made sales of USD 19 million in 2005. The gross assets being acquired were valued at USD 3.6 million (GBP 2.1 million) as at 31 December 2005. The consideration will be settled from ICI's existing cash resources.
This acquisition is in line with ICI's "grow aggressively" strategy for its Quest fragrance business. It will support Quest's important market position in hair care, open up opportunities at a select number of targeted customers and build on the company's relationship with Procter & Gamble.
This transaction is expected to be completed during the next 30 days.
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