euro adhoc: BP PLC / Disposal (E)

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January 30, 2003

BP COMPLETES DISPOSAL OF BURMAH CASTROL CHEMICALS BUSINESSES WITH SALE OF FOSROC MINING

BP announced today that it has reached agreement to sell Fosroc Mining, the speciality mining chemicals business of Burmah Castrol, to funds managed by Close Brothers Private Equity Ltd.

Fosroc Mining will be purchased from Burmah Castrol plc and its affiliates for £32 million in cash and assumed debt. Subject to regulatory and other approvals, the companies expect to complete the transaction during the first quarter of 2003.

The sale of Fosroc Mining will complete the divestment of the speciality chemicals businesses acquired by BP in its purchase of Burmah Castrol in 2000.

Fosroc Mining is a world leader in the supply of speciality chemicals and consumables to the global mining industry, with products including resin capsules, injection grouts, sealants and other consumables together with strong technical advice and support services to enhance the efficiency and safety of the global mining industry.

Fosroc Mining has a total of thirteen manufacturing sites in seven countries. Its main manufacturing facilities are in the United States, Germany, Australia, South Africa and Poland. The company employs around 1000 staff worldwide and had 2002 turnover of some £84 million from over 40 countries.

Close Brothers Private Equity is a leading player in mid-market UK private equity investment; typically investing in UK-based transactions with a value of between £10 million and £75 million. On completion of the purchase, Fosroc Mining will continue to be led by the existing management team, headed by chief executive Sandy Arbuthnot.

BP was advised in this sale by Credit Suisse First Boston.

- ENDS -

This information is provided by RNS
The company news service from the London Stock Exchange

Further inquiry note:
Further enquiries:

David Nicholas, BP press office, tel: +44 (0)20 7496 4708
Tel: +44 20 7496 4000
Email: tomalij@bp.com

end of announcement euro adhoc

Emittent: BP PLC
1 ST JAMES SQUARE
UK-SW1Y4PD LONDON
Tel: +44 20 7496 4000
Email: tomalij@bp.com
WWW: http://www.bp.com
ISIN: GB0007980591
WKN: 850517
Indizes:
Börsen: free trade Baden-Württembergische Wertpapierbörse, Bayerische Börse, Berliner Wertpapierbörse, Niedersächsische Börse zu Hannover; official dealing Börse Düsseldorf, Frankfurter Wertpapierbörse, Hamburger Wertpapierbörse, London Stock Exchange, SWX Swiss Exchange
Branche: Energy
Sprache: Englisch

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