ICI sells Quest for £1.2bn

UK chemicals and paints giant ICI agreed to sell its flavours and fragrances division today in a deal worth around £1.2bn (€1.8bn).

Proceeds from the proposed disposal of the Quest arm to Switzerland-based Givaudan are expected to be used to reduce ICI’s pension deficit and debt.

Quest is headquartered in the Netherlands and employs 3,400 people globally, including at sites at Ashford, Kent and Bromborough Port, Wirral.