November 18, 2014 / 9:55 PM / 5 years ago

Orica sells chemical business to Blackstone for $653 mln

SYDNEY, Nov 19 (Reuters) - Australian explosives maker Orica Ltd said on Wednesday it had agreed to sell its chemicals business to funds advised by U.S. private equity firm Blackstone Group LP for A$750 million ($653 million).

The sale includes the chemicals trading businesses in Australia, New Zealand and Latin America and the Australian Chloralkali manufacturing business. It also includes food and nutritition supplier Bronson & Jacobs.

Orica announced in August that it had decided to either sell or spin off its chemicals business, realising a long-held plan to become a pure-play mining business. (1 US dollar = 1.1471 Australian dollar) (Reporting By Jane Wardell; Editing by Kevin Liffey)

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