20 December 2010 17:51 [Source: ICIS news]
LONDON (ICIS)--Tata Chemicals subsidiary Brunner Mond will pay £93m ($145m, €109m) for British Salt, the UK’s largest producer of pure, dried, vacuum salt, the Indian chemical maker said on Monday.
The binding agreement, expected to gain regulatory approval in January 2011, secures long-term brine supply for the Brunner Mond soda ash and sodium bicarbonate operations. It is the sole ?xml:namespace>
British Salt owns brine wells with a residual life of 50 years, Tata Chemicals said. The company also has gas storage caverns and a business model which the Indian firm said has the potential to generate additional cashflows for its operations.
"The acquisition is in line with the strategy of Tata Chemicals to deepen its presence in the food and farm sectors and will result in securitising raw material for Brunner Mond operations,” said Tata Chemicals managing director R Mukundan.
($1 = €0.76, $1 = £0.64, €1 = £0.85)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections