Orica said within its financial results released last week that it intends to sell off its Minova business arm.
The company, which cited a significant drop in earning as well as the market – specifically that which is tied to Australia-China issues – for its move, called Minova a “non-core” asset.
Orica first announced that it would buy the ground control solutions company in late 2006 for US$645 million.
“While Minova has delivered a substantially improved performance in recent times, it has been identified as non-core; therefore, we will consider selling at an appropriate price,” said Managing Director and CEO Sanjeev Gandhi.
He did not indicate for what amount it could put the company on the selling block, nor did the company disclose a sales timeline.