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Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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Elementis PLC (ELM)

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Friday 11 May, 2007

Elementis PLC

Sale of Pigments Business

Elementis PLC
11 May 2007


May 11, 2007

                                 ELEMENTIS PLC

                        Sale of Global Pigments Business

Elementis plc (LSE:ELM), today announced that it has agreed to sell its Global
Pigments business headquartered in East St. Louis, USA, to Rockwood Specialties
Group, Inc. for a cash consideration of approximately US$140 million (£70
million) on a cash free, debt free basis.

Elementis Pigments is a leading producer of synthetic iron oxides and
complementary products. In the year ended 31 December 2006, Pigments' reported
operating profit, before exceptional items, was £6.1 million on sales of £94.2
million with net assets of approximately £42 million, excluding cash and debt.
Gross assets were approximately £61million. After taking account of transaction
costs and estimated net assets at the time of completion, Elementis expects to
record a pre-tax gain on sale of approximately £20 million. This gain will be
recorded as an exceptional item in the 2007 financial statements.

The price represents an attractive multiple of 2006 operating profit (earnings
before interest and tax) of 11.5 times. In addition, the transaction is expected
to have no material impact on the Group's 2007 earnings before exceptional
items, and provides an opportunity to further strengthen the Group's balance
sheet to support growth in the Specialties business.

Completion is subject to regulatory approvals, including a filing under the Hart
Scott Rodino Act in the United States, and is expected to take place before the
end of 2007. Net proceeds from the sale will initially be used to reduce net
borrowings, but the Board is reviewing other potential uses and will provide an
update before completion.

David Dutro, Chief Executive of Elementis, commented: 'This transaction confirms
the success of our restructuring initiatives in the Pigments division, which has
delivered steadily improving results in a highly competitive environment. This
offer recognises the value that has been created in this division, and as such
we believe that it represents an attractive proposition for our shareholders.
Completion of this transaction will also be in line with our declared strategic
intent to focus more of the Group's resources on the Specialties business.'

                                    - Ends -


Elementis plc                           Tel: +44 (0)1784 227 000

David Dutro                             Chief Executive
Brian Taylorson                         Finance Director

Financial Dynamics                      Tel: +44 (0) 207 831 3113

Andrew Dowler
Greg Quine

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