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[August 2006]
Minteq to Acquire ASMAS Refractories
Minerals Technologies Inc has announced that its wholly owned subsidiary, Minteq International Inc, has signed an agreement, subject to successful completion of due diligence, to acquire ASMAS, an Istanbul-based producer of refractories. The terms of the agreement were not disclosed. Both Minteq International and ASMAS are producers of monolithic refractories.
ASMAS reported net sales of US$20 million in 2005. The refractories segment of Minerals Technologies Inc reported sales in 2005 of US$328 million.
"We believe the refractories business of ASMAS provides an excellent fit with our own refractories business," said Paul Saueracker, Chairman, President and CEO of Minerals Technologies. "We expect the transaction will be completed in the fourth quarter of 2006 and that the acquisition will be accretive to earnings per share in 2007. It offers an attractive option for Minteq to increase its ability to service the rapidly growing steel industries in Eastern Europe and the Middle East."
Alain Bouruet-Aubertot, Senior Vice President and Managing Director of Minteq International Inc, said: "The acquisition of ASMAS, with its own kilns and sources of magnesite, represents an opportunity for vertical integration, which will enhance Minteq's ability to offer its state-of-the-art refractory technology to steel industry customers in the Middle East and Eastern Europe through an attractive delivered cost position".
Minerals Technologies Inc is a global resource and technology based growth company that develops, produces and markets world-wide a broad range of speciality mineral, mineral-based and synthetic mineral products and related systems and services. The company recorded sales of US$995.8 million in 2005.
www.mineralstech.com
ENDS