Editing Imperial Chemical Industries (section)

=== Reorganisation of the business (1991–2007) ===
By the early 1990s, plans were carried out to demerge the company, as a result of increasing competition and internal complexity that caused heavy retrenchment and slowing innovation.<ref name=harvard>{{Cite journal| last1 = Owen| first1 = Geoffrey| last2 = Harrison| first2 = Trevor| title = Why ICI Chose to Demerge| journal = Harvard Business Review| access-date = 6 November 2016| date = 1 March 1995| url = https://hbr.org/1995/03/why-ici-chose-to-demerge| url-status = live| archive-url = https://web.archive.org/web/20161107011051/https://hbr.org/1995/03/why-ici-chose-to-demerge| archive-date = 7 November 2016| df = dmy-all}}</ref> In 1991, ICI sold the agricultural and merchandising operations of [[BritAg]] and [[Scottish Agricultural Industries]] to [[Norsk Hydro]].<ref>{{cite web |url=http://www.alacrastore.com/storecontent/Thomson_M&A/Hydro_Fertilizers_Norsk_Hydro_acquires_Britag_Industries_Ltd_ICI_PLC_from_Akzo_Nobel_NV-211311040 |title=Norsk Hydro acquires Britag Industries |publisher=Alacrastore.com |date=5 September 1991 |access-date=27 September 2010 |url-status=live |archive-url=https://web.archive.org/web/20121001002431/https://www.alacrastore.com/ |archive-date=1 October 2012 }}</ref> It also divested its [[soda ash]] products arm to [[Brunner Mond]], ending an association with the trade that had existed since the company's inception, one that had been inherited from the original Brunner, Mond & Co. Ltd.<ref>{{Cite web|url=http://www.ici.com/History |title=ICI: History |url-status=dead |archive-url=https://web.archive.org/web/20081017121139/http://www.ici.com/History |archive-date=17 October 2008 }}</ref>

During mid 1991, ICI was subject to an attempted acquisition [[Heidelberg Materials UK|Hanson]]; by this point, ICI was commonly being viewed by investors as having been in decline and thus its valuation was depressed, making it more vulnerable to such takeover attempt.<ref name=obituary/><ref>{{cite web |url = https://www.theguardian.com/business/2007/aug/13/5 |title = The rise and fall of ICI |work = The Guardian |first = Graeme |last = Wearden |date = 13 August 2007}}</ref> Hanson had acquired a 2.8 per cent stake in the company as part of its [[hostile takeover]] attempt, which ICI's management team chose to oppose.<ref>{{cite news |last=Prokesch |first=Steven |url=https://query.nytimes.com/gst/fullpage.html?res=9E0CE5DC1E3DF93BA25756C0A967958260&sec=&spon=&pagewanted=all |title=Often-ravenous Hanson takes a taste of ICI |work=The New York Times |date=18 May 1991 |access-date=27 September 2010 |url-status=live |archive-url=https://web.archive.org/web/20090218155044/http://query.nytimes.com/gst/fullpage.html?res=9E0CE5DC1E3DF93BA25756C0A967958260&sec=&spon=&pagewanted=all |archive-date=18 February 2009 }}</ref><ref>{{cite web |url = https://www.csmonitor.com/1991/0604/04092.html |title = Britain's ICI, Hanson Gird for Buyout War |first = Alexander |last = MacLeod |publisher = The Christian Science Monitor |date = 4 June 1991}}</ref> The envisioned acquisition became hotly contested and controversial, partially as it would have been the biggest takeover in British history at that point.<ref>{{cite web |url = https://www.imdb.com/title/tt2167568/ |title = ICI: Hanson's Choice |website = imdb.com |date = 29 July 1991}}</ref> In October 1991, Hanson opted to not proceed with the deal.<ref name=obituary>{{cite web |url=http://www.timesonline.co.uk/tol/comment/obituaries/article502120.ece?token=null&offset=0&page=1 |title=Obituary: Lord Hanson |work=The Times}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref><ref name=harvard/>

In 1992, the company sold its nylon business to [[DuPont]].<ref>{{Cite web |title=Capitalism |url=http://capitalism.columbia.edu/files/ccs/Geoffrey%20Owen.pdf |publisher=Columbia University |url-status=dead |archive-url=https://web.archive.org/web/20121221002117/http://capitalism.columbia.edu/files/ccs/Geoffrey%20Owen.pdf |archive-date=21 December 2012 }}</ref><ref>{{cite web |url = https://www.upi.com/Archives/1992/04/23/DuPont-and-Imperial-Chemical-Industries-to-acquire-businesses/7704704001600/ |title = DuPont and Imperial Chemical Industries to acquire businesses |website = upi.com |date = 23 April 1992}}</ref> During 1993, the company de-merged its pharmaceutical bio-science businesses: pharmaceuticals, [[agrochemicals]], specialities, [[seed]]s and [[Biology|biological]] products were all transferred into a new and independent company called [[Zeneca]].<ref name=harvard /> Zeneca subsequently merged with [[Astra AB]] to form [[AstraZeneca]].<ref>{{cite web |last=Ipsen |first=Erik |url=http://www.iht.com/articles/1993/02/25/ici_.php |title=Will bad timing spoil ICI's plan to split in two? |work=International Herald Tribune |date=25 February 1993 |access-date=27 September 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090217064643/http://www.iht.com/articles/1993/02/25/ici_.php |archive-date=17 February 2009}}</ref>

In 1994, Charles Miller Smith was appointed CEO of ICI, one of the few times that an external figure had been appointed to lead the firm, Miller-Smith having previously been a director at [[Unilever]]. Shortly afterwards, the company acquired a number of former Unilever businesses in an attempt to move away from its historical reliance on [[commodity]] chemicals. During 1995, ICI acquired the American paint companies ''Devoe Paints'',<ref>{{cite web |url = https://www.pcimag.com/articles/83725-company-news-ici-paints-of-north-america |title = ICI Paints of North America |publisher = PCI Magazine |access-date = 5 October 2021 |archive-date = 5 October 2021 |archive-url = https://web.archive.org/web/20211005130626/https://www.pcimag.com/articles/83725-company-news-ici-paints-of-north-america |url-status = live}}</ref> ''Fuller-O'Brien Paints''<ref>{{cite news |url = https://www.nytimes.com/1995/07/04/business/international-briefs-fuller-o-brien-is-sold.html |title = INTERNATIONAL BRIEFS; Fuller-O'Brien Is Sold - The New York Times |website = [[The New York Times]] |date = 4 July 1995}}</ref> and ''Grow Group''.<ref>{{Cite news |issn = 0362-4331 |title = Imperial Acquires Grow Group As It Outbids Sherwin-Williams |work = The New York Times |access-date = 30 August 2018 |date = 23 May 1995 |url = https://www.nytimes.com/1995/05/23/business/imperial-acquires-grow-group-as-it-outbids-sherwin-williams.html |archive-date = 12 March 2022 |archive-url = https://web.archive.org/web/20220312204209/https://www.nytimes.com/1995/05/23/business/imperial-acquires-grow-group-as-it-outbids-sherwin-williams.html |url-status = live}}</ref> In 1997, ICI acquired National Starch & Chemical, [[Quest International]], Unichema, and Crosfield, the [[speciality chemicals]] businesses of [[Unilever]] in exchange for $8&nbsp;billion.<ref>{{cite web |url = https://www.latimes.com/archives/la-xpm-1997-05-08-fi-56568-story.html |title = Unilever to Sell Chemical Businesses for $8 Billion |work = Los Angeles Times |date = 8 May 1997}}</ref><ref>{{cite web |url=http://www.highbeam.com/doc/1G1-19716641.html |title=National Starch sold to ICI |date=1 June 1997 |access-date=27 September 2010 |url-status=dead |archive-url=https://web.archive.org/web/20121022221221/http://www.highbeam.com/doc/1G1-19716641.html |archive-date=22 October 2012 }}</ref> This step was part of a strategy to move away from cyclical bulk chemicals and to progress up the value chain to become a higher growth, higher margin business.<ref name=history/> Later that same year, it went on to buy [[Rutz & Huber]], a Swiss paints business.<ref>{{Cite web |url=http://findarticles.com/p/articles/mi_qn4158/is_/ai_n9647314 |title=ICI buys Swiss Paints Group |website = findarticles.com}}{{Dead link |date=September 2010}}</ref>

Having taken on some £4&nbsp;billion of debt to finance these acquisitions, the company was soon compelled to sell off its commodity chemicals businesses:
* Disposals of bulk chemicals businesses at that time included the sale of its Australian subsidiary, [[Orica|ICI Australia]], for £1&nbsp;billion in 1997,<ref>{{cite news |url=https://query.nytimes.com/gst/fullpage.html?res=9E07E4DD1439F93AA35756C0A961958260 |title=ICI Australia shares drop sharply |work=The New York Times |date=9 May 1997 |access-date=27 September 2010 |url-status=live |archive-url=https://web.archive.org/web/20090218152519/http://query.nytimes.com/gst/fullpage.html?res=9E07E4DD1439F93AA35756C0A961958260 |archive-date=18 February 2009  }}</ref> and of its [[polyester]] chemicals business to [[DuPont]] for $3&nbsp;billion also in 1997.<ref>{{Cite web |url=https://www.wsj.com/articles/SB868834167313161000 |title=DuPont to Pay $3 Billion To Purchase ICI Units |publisher = Wall Street Journal |first1 = Robert |last1 = Tomsho |first2 = Robert |last2 = Frank |date = 14 July 1997}}</ref><ref>{{cite web |url = https://www.latimes.com/archives/la-xpm-1997-jul-15-fi-12913-story.html |title = DuPont to Buy Two Units From British Firm |work = Los Angeles Times |date = 15 July 1997}}</ref>
* In 1998, it bought [[Acheson Industries|Acheson Industries Inc.]], an electronic chemicals business.<ref>{{cite web |url=http://www.allbusiness.com/company-activities-management/company-structures/9186096-1.html |title=ICI buys Acheson for $560&nbsp;million in move to strengthen specialties |publisher=Allbusiness.com |access-date=27 September 2010 |url-status=live |archive-url=https://web.archive.org/web/20090106210744/http://www.allbusiness.com/company-activities-management/company-structures/9186096-1.html |archive-date=6 January 2009 }}</ref><ref>{{Cite web |url=http://www.icis.com/Articles/1998/04/06/57532/ici+sells+crosfield+and+buys+acheson+in+portfolio+reshuffle.html |archive-url=https://archive.today/20130914180505/http://www.icis.com/Articles/1998/04/06/57532/ici+sells+crosfield+and+buys+acheson+in+portfolio+reshuffle.html |url-status=dead |archive-date=14 September 2013 |title=ICI sells Crosfield and buys Acheson in portfolio reshuffle |access-date=14 September 2013 |website = icis.com}}</ref>
* In 2000, ICI sold its diisocyanate, advanced materials, and speciality chemicals businesses on [[Teesside]] and worldwide (including plants at [[Rozenburg]] in the Netherlands, and South Africa, [[Malaysia]] and [[Taiwan]]), and Tioxide, its [[titanium dioxide]] subsidiary, to [[Huntsman Corporation]] for £1.7&nbsp;billion.<ref>{{cite web |url = https://www.adhesivesandsealants.com/doc/huntsman-to-acquire-four-major-businesses-fro-0001 |title = HUNTSMAN TO ACQUIRE FOUR MAJOR BUSINESSES FROM IMPERIAL CHEMICAL INDUSTRIES (ICI) |website = adhesivesandsealants.com |date = 29 October 1999}}</ref><ref>{{cite web |last=Milner |first=Mark |url=https://www.theguardian.com/business/1999/apr/15/11 |title=Bayer and ICI sell-offs to boost balance sheets |work=The Guardian |date=15 April 1999 |access-date=27 September 2010 |location=London, UK |url-status=live |archive-url=https://web.archive.org/web/20140507184655/http://www.theguardian.com/business/1999/apr/15/11 |archive-date=7 May 2014 }}</ref> It also sold the last of its industrial chemicals businesses to [[Ineos]] for £325&nbsp;million.<ref>{{cite web |url = https://www.thenorthernecho.co.uk/news/7123635.ici-325m-industrial-chemicals-sell-off/ |title = ICI in £325m industrial chemicals sell-off |website = thenorthernecho.co.uk |date = 6 December 2000 |archive-url=https://web.archive.org/web/20211230132155/https://www.thenorthernecho.co.uk/news/7123635.ici-325m-industrial-chemicals-sell-off/ |archive-date=30 December 2021 }}</ref>
* In 2002, the ICI wholly transferred ownership of [[Boulby Mine]] to Israel Chemicals Ltd.<ref>{{cite web |url=http://www.icl-uk.uk/history-2/ |title=History |website=The World's Only Polyhalite Mine {{!}} ICL Boulby |language=en-GB |access-date=27 August 2019 |archive-date=27 August 2019 |archive-url=https://web.archive.org/web/20190827220132/http://www.icl-uk.uk/history-2/ |url-status=live}}</ref>
* In 2006, the Company sold Quest International, its [[Flavoring|flavour]]s and fragrances business, to [[Givaudan]], for £1.2&nbsp;billion<ref>{{cite news |url=http://news.bbc.co.uk/1/hi/business/6171816.stm |title=ICI sells flavours business Quest |work=BBC News |date=22 November 2006 |access-date=27 November 2010}}</ref> and Uniqema, its oleochemical business, to [[Croda International]], for £410&nbsp;million.<ref>{{cite news |last=Marriner |first=Cosima |url=https://www.telegraph.co.uk/finance/2942240/ICI-to-slash-debts-with-andpound410m-Uniqema-sale.html |title=ICI to slash debts with £410m Uniqema sale |work=The Daily Telegraph |date=30 June 2006 |access-date=27 September 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090218154021/http://www.telegraph.co.uk/finance/2942240/ICI-to-slash-debts-with-andpound410m-Uniqema-sale.html |archive-date=18 February 2009  }}</ref>

Having sold much of its historically profitable commodities businesses, and many of the new speciality businesses which it had failed to integrate, the company consisted mainly of the Dulux paints business, which found itself the subject of a takeover by AkzoNobel in 2007.<ref>{{cite news|url=https://www.theguardian.com/business/nils-pratley-on-finance/2017/may/08/dulux-akzo-nobel-bid-us-ppg-centrica|title=Dulux owner Akzo Nobel has shown its colours by rebuffing takeover bids | first=Nils |last=Pratley | newspaper=The Guardian|date=9 May 2017|access-date=9 May 2025}}</ref>