Ici Australia In Jv

ICI Australia, part of the UK chemicals group, announced on Wednesday that it intended to merge its Australian vinyls business with that of Auseon, part of the Ohio-based Geon Company, to create a joint venture with annual sales of around A$280 million (US$233 million). ICI Australia will have a 62.6 per cent interest in the PVC company with Geon holding the remainder. The deal comes as ICI in the UK is preparing to sell off its 62.4 per cent holding in ICI Australia.