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South Africa's Imperial disposes of German chemicals unit in $128 million deal
Posted on Wednesday November 08, 2017
South Africa's Imperial Holdings (IPLJ.J) said on Wednesday it will sell its German chemicals unit, Schirm GmbH and related assets, to AECI (AFEJ.J) for 110.5 million euro (97.32 million pounds) as it focuses on developing its core businesses. Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold off assets, including a short-term insurance business as it aims to make the group less vulnerable to swings in the value of its home market's volatile rand currency. Under the deal, its subsidiary Imperial Chemical Logistics GmbH (ICL) will retain the customer warehousing, transportation and distribution services on sites on which Schirm operates, it said in a statement.