Orica ends 2023 with a bang: Acquires Canadian company for over half a billion dollars
Explosives manufacturer Orica concluded its 2023 on a high note with the acquisition of a Canadian company for more than half a billion dollars.
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Orica is the world’s largest provider of commercial explosives and innovative blasting systems to the mining, quarrying, oil and gas and construction markets, a leading supplier of sodium cyanide for gold extraction, and a specialist provider of ground support services in mining and tunnelling.
Orica’s purpose is to make our customers successful, every day, all around the world. We take pride in operating safely, responsibly and sustainably. Together, these enable us to grow and create enduring value for our shareholders.
Founded in 1874, Orica has more than 140 years of experience and investment in innovation. Orica are the global leader in mining and civil services, with a diverse workforce of around 11,500 employees, servicing customers across more than 100 countries. Orica is listed on the Australian Securities Exchange (ASX: ORI).
Orica’s strategy is to be the trusted partner of choice for our customers, by creating, developing and delivering mining and civil blasting and ground control solutions that help them be more productive and manage their critical risks.
Orica do this by bringing together: the best people; high quality products and services; safe, secure and reliable supply; and unmatched technology that creates value for our customers, today and tomorrow.
Orica’s commitment to the safety, health and wellbeing of our people and customers, the environment, and the communities in which we operate underpins everything we do.
Explosives manufacturer Orica concluded its 2023 on a high note with the acquisition of a Canadian company for more than half a billion dollars.
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Investors showed increased enthusiasm for Orica (ASX:ORI), the explosives and chemicals group, following the release of its 2022-23 results on Thursday. The highlight was a 23% boost to dividends.
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13 Jul 2023 - Origin Energy (ASX:ORG) is set to receive $70 million in funding from the Federal Government for its proposed Hunter Valley Hydrogen Hub partnership with Orica (ASX:ORI).
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A big half year for explosives and ammonia group Orica, with revenue, underlying earnings and the company's interim dividend all up more than 30%.
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Despite worries about economic growth around the world next year, Orica expects the confident forecast for its FY2022-23 made a couple of months ago will still be met.
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The broker remains Neutral on Orica. Target is reduced to $16.20 from $16.40.
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The broker's target price rises to $16.20 from $14.89. The Hold rating is unchanged.
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Credit Suisse is constructive regarding Orica yet downgrades to Neutral from Outperform ahead of the FY21 result. The broker upgrades the target to $17.23 from $16.11.
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The broker retains its Outperform rating and lifts its target price to $16.11 from $15.66.
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The business is considered well-positioned over the medium term and a Hold rating is maintained. Target is reduced to $13.65 from $14.56.
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