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Orica Limited (ASX:ORI) has revealed it is pursuing the separation of its chemicals business to focus on its core mining services activities.
The provider of commercial explosives and blasting systems has made the announcement following a strategic review of the chemicals business.
Orica says it is considering a sale or a demerger of the business, which could possibly create a separate listing for the chemicals business on the ASX.
The company has confirmed it has received a number of unsolicited enquiries from parties interested in the chemicals division but Orica’s preferred option is a demerger.
Orica plans to update investors on the proposed separation when it releases its full year results on November 19, 2014.
Orica reported a net profit of almost $255 million in the first half of the 2014 financial year.
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