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Orica (ASX:ORI) share price in focus as it sells Minova business

Jaz Harrison
Jaz Harrison
Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Orica Ltd (ASX: ORI) share price is in the spotlight after it announced the sale of its Minova business to Aurelius Group.

Orica was founded in 1874 as a supplier of explosives to gold fields in Australia. It has grown to be one of the world’s largest explosives, mining and infrastructure solutions providers.

Orica sells Minova

Today Orica announced that it has found a suitable buyer for Minova. Orica has been planning to sell the mining support business since May 2021.

The buyer of Minova is European based investment firm Aurelius Group (ETR: AR4). Orica will receive $180 million from the sale.

Management said that the sale of Minova aligns with its focused strategy on its four key business verticals of growth:

  • Mining
  • Quarry and construction
  • Digital
  • Mining chemicals

Orica Managing Director and CEO Sanjeev Gandhi said: “The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica.”

Management said that the sale is subject to regulatory approvals and other customary conditions. It expects the sale to be completed in the first quarter of the 2022 calendar year.

Final thoughts on the Orica share price

The market hasn’t reacted either way, with the Orica share price sitting flat at the time of writing.

Orica announced its intention to sell Minova in May, so the sale and sale price seems to be falling in line with market expectations.

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At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.

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