Imperial Chemical Industries (Australasia) Ltd was formed in 1928 as an Australian subsidiary of the British chemical company ICI Ltd, and was renamed Imperial Chemical Industries of Australia and New Zealand Limited (ICIANZ) in 1929.

ICIANZ established a pigments plant at Laverton in 1960 to meet the demands of a growing Australian market. Following staff training with the Dyestuffs Division of ICI Ltd in England, production at the Laverton site commenced in February 1962. Employing around 80 people, the plant spread over 5 acres of a 330 acre site, all of which was owned by ICIANZ.

In 1970, ICIANZ entered as equal partners in a joint venture with BASF Australia Ltd to form Pigment Manufacturers of Australia Ltd (PMA Ltd). Two members of the four member PMA board came from ICIANZ (the other two being from BASF Australia Ltd). PMA also continued to have access to ICIANZ and ICI Ltd technology, and had the stated purpose to "support the role of ICI and BASF in Australia".

ICIANZ became ICI Australia Pty Ltd in 1971. The latter continued to work closely with PMA Ltd until the company's closure in 1991.