Hercules Sells Its Share In Himont to Italian Co.
WILMINGTON, Del. (AP) _ Hercules Inc. announced today it has agreed to sell its 38.5 percent interest in the joint venture Himont Inc. to its partner, Montedison S.p.A., for $1.4 billion.
Montedison, based in Milan, Italy also holds a 38.5 percent interest in Himont. The other 23 percent is publicly held.
Himont is a polypropylene manufacturing joint venture formed in 1983.
In addition to authorizing the sale of Hercules’ interest in Himont, the Hercules board of directors also approved a stock repurchase program under which the company will buy up to 15 million of its common shares over the next two years.
The purchase would be made through open market and other transactions, Hercules said in a statement.
Hercules stock was trading at $69.50, up $1.50, at midday on the New York Stock Exchange.
The company is a supplier of natural and synthetic raw materials.