Incitec Pivot: an explosive break up?

As Incitec Pivot considers a break up, Gaurav Sodhi asks whether there’s any value in the business.

Fertilisers and explosives share a common chemistry. So when Orica announced way back in 2002 that it would separate its explosives business from its fertiliser business, there were some who mourned for the loss of much adored ‘synergies’. They were not long disappointed.

Orica’s orphan – Incitec Pivot – was quick to use synergies to justify buying an explosives business, Dyno Nobel, to add to its fertiliser business. Like Cat Stevens warned, the child came to resemble the parent.

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