Barloworld Limited - Barloworld To Develop An International Colourants Business
Release Date: 24/03/2004 13:24:37 Code(s): BAW
Barloworld Limited - Barloworld to develop an international colourants business
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
("Barloworld")
Barloworld to develop an international colourants business
International industrial brand management company Barloworld has acquired 100%
of South Africa"s leading decorative paint industry colourant producer,
International Chemical Corporation (Pty) Ltd (ICC).
Commenting on the transaction, Barloworld Coatings CEO Andre Lamprecht said,
"this acquisition is the platform for us to develop an international colourants
business. ICC will operate as a stand alone enterprise within Barloworld
Coatings and continue to supply and where possible, expand its existing
customer base of South African paint companies."
ICC will become a subsidiary of Longridge Colourant (Pty) Limited, which is in
turn wholly-owned by Barloworld Investments (Pty) Limited. Barloworld"s
Plascon South Africa business unit will have no financial or managerial
involvement in ICC and Barloworld has again confirmed that the relationship
between Plascon and ICC will remain that of supplier and customer.
ICC currently exports in excess of 50% of its Midrand factory"s production and
has technical sales offices in Sydney and Shanghai.
John Vadas, the former owner of ICC will remain Managing Director for an initial
3 month period after which a Barloworld appointment will be made. Thereafter he
will remain a director of the company and focus on strategic development
projects in conjunction with key customers.
For further information contact:
Andre Lamprecht +27 11 301 4645
Johannesburg
24 March 2004
Sponsor
Cazenove South Africa (Pty) Ltd
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