Explosives company Orica is looking to offload its Minova business after its first half financial results revealed a 54% drop in earnings caused by ‘challenging external environment’.
Minova, which was originally acquired by Orica in 2006, provides ground control solutions for the mining, civil / tunnelling, geotechnical and construction industries.
Orica Managing Director and CEO Sanjeev Gandhi said the company intends to run a sale process for the Minova business, which has manufacturing and distribution facilities in more than 25 countries.
“While Minova has delivered a substantially improved performance in recent times, it has been identified as non-core,” Mr Gandhi stated.
“Therefore, we will consider selling at an appropriate price.”