Orica entered into an agreement to sell its Minova business to Aurelius Group, a European-based investment firm, for A$180 million, subject to transaction costs and customary completion adjustments.
In May, Orica announced its intentions to pursue a sale of Minova, which develops ground support products for the mining, construction and energy industries, and the global sale process subsequently undertaken by Orica and its advisors.
“The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica,” Orica Managing Director and CEO Sanjeev Gandhi said. “This allows us to focus on our four key business verticals of growth: mining; quarry and construction; digital; and mining chemicals.
“The Minova business will benefit from new ownership with more focus and capital to support its growth.”
The transaction is expected to close in the first quarter of 2022.
