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ICI to sell tile adhesives and grouts business to Henkel

By Tim Wright | April 12, 2006

ICI has agreed to sell its Cimsec Business, part of ICI Paints Europe, to Henkel. ICI said it is selling the tile adhesives and grouts business in order to focus on its decorative paint brands in Central and Eastern Europe. Cimsec, which is used by professional tile layers and by consuemers, operates in Austria, Hungary, Czech Republic, Slovakia, Croatia and Poland. It has annual sales of approximately €20 million and employs 60 people who will transfer to Henkel. Completion of the agreement is expected in the second quarter of 2006.