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[June 2009]
S&B Industrial Minerals Simplifies Minority Participation in Laviosa and Bentec
S&B Industrial Minerals SA (Athens, Greece) has signed an agreement to transfer the 23% minority participation it has in Bentec SpA to its affiliate Laviosa Chimica Mineraria SpA (LCM), in which it retains its 35% interest. By this agreement, LCM will attain full ownership of Bentec SpA. This will enable LCM and Bentec to merge, yielding a more simplified structure, offering reduced costs and marketing synergies for LCM.
S&B will receive a consideration of €1.1 million from LCM for the transfer of its share in Bentec SpA.
S&B invested in 1997 in LCM, which is involved in the production, processing and trading of bentonite. S&B invested in 1999 in Bentec, which is involved in the production of organoclays used in the paints market.
Kriton Anavlavis, CFO of S&B, commented: “This agreement with our long standing partners at Laviosa Chimica Mineraria entails mutual benefits for both parties. Through this simplification in the legal structure, our affiliate company, LCM, will enhance its cost containment efforts and will realise marketing synergies. For us at S&B, this transaction simplifies our legal entity structure and is in line with our current priorities for cash flow improvement”.
S&B Industrial Minerals is a multinational group of companies, its purpose being to provide innovative industrial solutions by developing and transforming natural resources into value creating products. Using the multiple properties of industrial minerals, S&B offers a portfolio of customised solutions for a broad range of applications (including foundry, steelmaking, construction & building materials, metallurgy and horticulture), operating responsibly and adhering to the sustainable development principles of the triangle: economy – society – environment. It holds leading positions in its main sectors, these being bentonite, perlite, bauxite and casting fluxes.
ENDS