A British chemical giant bought Stauffer Chemical.

Stauffer, an unwanted division of Chesebrough-Pond’s Inc. since it was acquired by Unilever N.V. in 1986, was sold to Imperial Chemical Industries PLC for $1.69 billion. As part of the cash deal to be completed in July, ICI also will assume Stauffer’s $233 million in debt, the companies announced in prepared statements.