ICI and Wellcome Sell Animal Health Business To IMC
LONDON (AP) _ Imperial Chemical Industries PLC and Wellcome Group PLC said Tuesday they agreed to sell their jointly-owned animal health business to U.S.-owned International Minerals and Chemical Corp. for $206 million.
International Minerals and Chemical will also assume $34 million in debt owed by the division, Coopers Animal Health, the announcement said.
ICI and Wellcome announced last December they were negotiating to sell Coopers. The two companies set up Coopers in 1984 after deciding to merge their animal health businesses.
However, ICI and Wellcome subsequently decided Coopers would perform better as part of a larger animal health care group which would be better able to cover its research and development costs.