In early 2012, we acquired Boxing Oleochemicals (“Boxing”), which we will consolidate as from January 2012 in our Surface Chemistry business. Boxing is a leading supplier of nitrile amines and derivatives, which are used in a variety of industrial and consumer applications including fabric softeners, asphalt additives, and hair conditioners. Established in 1993 and based in the Chinese province of Shandong, Boxing had revenues in 2010 of approximately €100 million.
Also early 2012, we announced to take 100 percent control of Metlac Group, a packaging coatings producing associate, based in Italy, by exercising the right to buy the remaining shares. The completion of the transaction is subject to antitrust approval. We expect to finalize the acquisition in Q2 2012.
In January 2012, we concluded the triennial actuarial funding review of the ICI Pension Fund. We expect to have top-up payments over the remaining six years of the recovery plan that are £198 million lower in total than the sum of the current schedule. In 2012 and 2013, they will be £62 million per annum lower, in 2014 to 2016 £19 million per annum lower and in 2017 £16 million lower. In addition, we have agreed to terminate an asset-backed guarantee in favor of the pension fund, releasing an asset on our balance sheet on order to fund further de-risking activities and thereby reduce future demands on our cash flows.