​Orica to carry out share buyback

Orica has announced it will carry out a $400 million share
buyback over the next 12 months.

It comes in the wake of the completion of the sale of its chemical division for $750 million.

The sale includes businesses in Australia, New Zealand, and
Latin America, as well as its Australian Chlorakali manufacturing businesses.

“It also
includes Bronson & Jacobs, which is a supplier to the food & nutrition
and health & personal care industries in Australia, New Zealand, and
Asia,” Orica added.

The divestment of
its assets leaves the company more focused on its mining chemicals, mining
services, and ground support divisions.

According to Orica it will carry out a one for one, fully
paid, on market buyback, with the funds raised to be used for “ongoing capital

The buyback will start 16 March and run until 15 March 2016.

Send this to a friend