Cabot Corporation has agreed to sell its specialty fluids business to Sinomine Resource Group (Shenzhen, China) subsidiary Sinomie Rare Metals Resources (Hong Kong) for up to $135 million. The specialty fluids business produces and sells cesium formate brines and related products and services for customers in oil and gas. The deal entails a $130-million cash payment, to paid at closing, and up to $5 million in cash royalty payments for lithium products, which can be paid over a ten-year period.
Sinomine is a mining, exploration and base metal chemical manufacturing company. It is publicly traded on the Shenzhen stock exchange.
“We view the specialty fluids segment as having the best growth potential under the ownership of a strategic partner focused on both mineral mining and downstream chemical manufacture,” says Sean Keohane, Cabot president and CEO. Cabot is aiming to focus investment and resources on its core carbon blacks business. Sinomine “will invest in [specialty fluids’] long-term growth,” Keohane says.
Grace Matthews (Milwaukee) served as financial advisor to Cabot on the deal. Jones Day (New York) served as legal advisor. The transaction is expected to close in third quarter of 2019.
By Vincent Valk
Source: Chemical Week
Huhtamaki and Stora Enso have joined forces to create a new paper cup recycling initiative, The Cup Collective. The programme aims to recycle and capture the value of used paper cups on an industrial scale. The programme will initially be implemented across Belgium, the Netherlands and Luxembourg.
The Board of Directors of Methanex Corporation announced that John Floren will retire as President and CEO and from the Board as of December 31, 2022. The Board has appointed Rich Sumner as President & Chief Executive Officer and member of the Board of Directors, effective January 1, 2023.
Evonik’s new chief innovation officer, Ralph Marquardt, aims to strengthen the company’s innovative strength even further in the future. Marquardt, who has a doctorate in chemistry and joined Evonik in 2006, has acquired the necessary experience, for example, through leadership roles in various business areas. Sustainability is his central focus.