Dutch firm considers ICI takeover
Dulux paintmaker Imperial Chemical Industries today officially fell into the hands of new Dutch owner Akzo Nobel, marking the end of an era for an icon of British industry.
The firm will delist from the London market tomorrow after the completion of Akzo Nobel’s £8bn (€10.7bn) takeover, ending 82 years of independence for ICI.
ICI’s departure also represents the passing of one of the original constituents of the FTSE 100 Index in 1984. It had also been an inaugural member of the FT30, which was established as far back as 1935.
It is unclear if the ICI brand will survive, with the Dutch firm yet to decide on the corporate identity of its new acquisition. However, the Amsterdam-headquartered firm is confident that the company’s Dulux brand will remain, as will ICI’s US paint arm Glidden.
Tim van der Zanden, spokesman for the Dutch firm, said a decision on ICI will be made in the next couple of months, but stressed it was putting aside emotions surrounding one of Britain’s iconic corporate brands.
“There’s a lot of work and research going into the decision, because we don’t want it to based on emotion, but on best value for the company,” he said.
Akzo detailed just before Christmas how ICI will be integrated into the firm, with a new decorative paints division being launched following the acquisition. Dulux Paints operates from sites at Slough, Stoke Poges and Stowmarket, Suffolk.
Akzo owns Dulux competitor Crown Paints, but will have to sell the brand in the UK and Ireland as part of its deal with the European Commission to secure clearance for the ICI takeover.
