Explosives systems company Orica (ASX:ORI) has unveiled its plans to sell its Minova business to a European based investment firm, Aurelius Group for $180 million.
This follows explosive company announcements in May this year of its intentions to pursue a sale. The transaction is expected to close in the first quarter of 2022.
“The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica. This allows us to focus on our four key business verticals of growth – mining; quarry and construction; digital; and mining chemicals,” said Orica CEO Sanjeev Gandhi.
“The Minova business will benefit from new ownership with more focus and capital to support its growth.”
Shares in Orica (ASX:ORI) are trading 0.4 per cent higher at $13.95.