Orica offloads Minova

ORICA has announced the sale of its Minova business to European investment firm Aurelius Group for A$180 million.
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Staff reporter

Orica deemed Minova, which specialises in ground support, non-core in May due to underperformance and announced a sale process.

"The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica," Orica CEO Sanjeev Gandhi said.

"This allows us to focus on our four key business verticals of growth - mining; quarry and construction; digital; and mining chemicals. 

"The Minova business will benefit from new ownership with more focus and capital to support its growth." 

The deal is expected to close in the March 2022 quarter.

Shares in Orica last traded at A$13.90, valuing the company at $5.6 billion.