07.01.2003 – 17:20

BP plc

euro adhoc: BP PLC
BP TO SELL SERICOL TO SARATOGA PARTNERS (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.

January 7, 2003

BP TO SELL SERICOL TO SARATOGA PARTNERS

BP announced today that it has reached agreement to sell Sericol,
the speciality printing chemicals business of Burmah Castrol, to
funds managed by Saratoga Partners, a New York-based investment firm
specialising in private equity investments.

Sericol will be purchased from Burmah Castrol plc and its affiliates
for £74.5 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.

Sericol is a world leader in the supply of printing solutions to the
global screen printing industry, with products including premium
inks and other consumables together with strong technical and
advisory services.

Its main manufacturing facilities are at Broadstairs, UK, and Kansas
City, Missouri, USA and it has other manufacturing operations in
Australia, India, China and Brazil. Sericol employs around 1,200
staff worldwide. In 2002, Sericol had a turnover of some £130
million.

Saratoga Partners specialises in making private equity investments in
partnership with management in the manufacturing, business services,
and media and telecommunications,  industries. Following the
completion of the purchase, Sericol will continue to be led by the
existing management team, headed by chief executive Ed Carhart.

Gordon Souter, BP business unit leader Castrol Chemicals,
said: "When we bought Burmah Castrol in 2000 we knew that, although
it was a good business, Sericol did not fit with the rest of our
portfolio and that we would look to dispose of it. We believe this
deal reflects the true value of the business and will provide a good
future for Sericol and its staff."

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

end of announcement        euro adhoc 07.01.2003

Further inquiry note:

David Nicholas, BP press office, tel: +44 (0)20 7496 4708

Branche: Energy
ISIN: GB0007980591
WKN: 850517
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