Orica is looking to add new mining related acquisitions to the company portfolio as per Orica Chief Executive Officer Graeme Liebelt. The demerger of paint maker DuluxGroup was announced on Friday by the company. DuluxGroup is the owner of Cabots paint and Selleys building products brands and was listed separately on the Australian Securities Exchange.
Akzo Nobel owns the rights to the Dulux paint brand outside Australia. In an interview with the ABC Mr Liebelt said that Orica is now looking for growth prospects in mining acquisitions and explosives businesses. Orica reported a profit of $541.8 million for the year ending 30 September 2009.
Mr. Liebelt felt that Dulux as a separate company would be better able to focus on its market in consumer goods and generate more value. Orica would not be more mining focused. The additional value should offset the costs of the split.