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ICI to sell lubricants business

ICI has confirmed its intention to put its Uniqema refrigeration lubricants business up for sale despite improved profitability following its restructuring programme in 2003.
The announcement was made on the release of ICI's results for 2005 which showed that Uniqema sales were just slightly down on 2004. The Emkarate RL range of polyol ester lubricants are just one of the products within its oleochemicals business.

A company statement says that the Uniqema team 'has identified a range of further restructuring opportunities that could further improve overall profitability, but which would require significant additional investment.
'In this context, and in the light of other investment opportunities available to ICI across the Group, in particular in those areas where there is the prospect of greater strategic and financial returns, ICI is evaluating its options with regard to Uniqema, with a view to divesting the business, subject to a deal realising value for shareholders.'

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