October
Transformation Strategy announced.
January
Streamlining/restructuring
of service departments at AECI's Group Office.
Unbundling of Kynoch Limited into independent operating companies. Simultaneously, infrastructure and services at Modderfontein are restructured and absorbed into site businesses.
Heartland Properties established to realise land and property surplus to operational needs.
May
Conclusion
of a long-term supply agreement for Sasol to supply AECI's total ammonia
requirements. Results in the immediate closure of the Group's ammonia
production facility at Milnerton, Western Cape, and the closure
of the ammonia/urea complex at Modderfontein in March 2000.
September
Sale
of AECI's 40 per cent stake in Polifin to Sasol. Proceeds from this
amounted to some R2.2 billion. A substantial portion returned to
shareholders via a special dividend of R6.00 per share in November.
November
Finalisation
of a 50:50 joint venture with Norsk Hydro in Kynoch Fertilizer.
January
Sale
of AECI's 50 per cent shareholdings in both Resinkem and Specialty
Minerals SA to Chemserve for R40 million. Payment made through
the issue of 3.33 million additional Chemserve shares to AECI.
Disposal of Autoplastic to SAI Automotive AG, the automotive activity of the Sommer Allibert Group.
Sale of AECI's 50 per cent share in Goldchem to its partner, Rand Refinery Limited.
Sale of AECI's 50 per cent share in Alliance Peroxide to Degussa-Hüls AG of Germany.
February
Announcement
by SANS Fibres of a R60 million investment to double PET polymer
production at Bellville.
April
Joint
venture in technical coatings with PPG Industries of the USA. The
technical coatings unit of Dulux becomes a separate company, AECI Coatings,
with AECI holding 80 per cent of the equity.
June
Conclusion
of the sale of AECI’s acrylics business to UK-based Ineos Acrylics
for R70 million.
August
SANS
Fibres announces R40 million investment in a new spinning platform
for Bellville.
September
SANS
Fibres will expand its global position in light industrial yarns
through the investment of some R80 million in the USA.
October
Agreement
reached in principle between AECI and Chemserve for Chemserve to purchase
Industrial Urethanes, Kynochem and AECI Coatings from AECI.
AECI and Sasol Chemical Industries (SCI) reach agreement for SCI to acquire AECI's 50 per cent interest in the Fedmis Phalaborwa partnership.
Redundant ammonia/urea plants at Modderfontein sold for R21 million for re-erection in China.
November
AECI
publishes a cautionary announcement advising shareholders that it had
reached agreement in principle with Anglo South Africa ("Anglo")
for a potential repurchase by AECI of 40 per cent of its shares from
Anglo.
10
January
AECI
share buy-back approved.