23 January 2012 16:07 [Source: ICIS news]
LONDON (ICIS)--Cabot Corporation has closed the sale of its supermetals business to ?xml:namespace>
GAM has made an initial cash payment of $175m for the business, and will pay the balance of $225m within two years.
Cabot decided to sell the supermetals business so it could focus on its core products, which include carbon black, fumed silica and inkjet colourants, the US-based company said.
“We are pleased to announce that we have completed the sale of the supermetals business to Global Advanced Metals,” said Patrick Prevost, Cabot president and CEO.
“This divestiture is an important step in Cabot’s transformation to becoming a leader in specialty chemicals and performance materials. The sale of the tantalum business at this attractive value will improve the stability of our earnings and will allow us to focus on existing and new growth initiatives as we remain committed to achieving our target of adjusted earnings per share of $4.50 in 2014,” he added.
Cabot’s supermetals business is centred on the production of caesium, used in oil and gas drilling, and tantalum, which is used in a range of electronics applications.
The assets involved in the transaction include facilities in Boyertown in
Cabot has retained its mining operation in
Cabot first agreed to sell its supermetals business in August last year.
($1 = €0.78)
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