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[Oct 2006]
Minerals Technologies Completes Acquisition of Turkish Refractories Company
Minteq International Inc (New York, USA), a wholly owned subsidiary of Minerals Technologies Inc, has completed the acquisition of ASMAS, an Istanbul based Turkish producer of refractories.
The purchase price was approximately US$30 million, with up to US$5 million of additional consideration to be paid up until 2009 based upon performance criteria up until 2008. The company will operate in Turkey as ASMAS, a part of the Minteq family of companies, and key ASMAS management will be retained.
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.
"ASMAS has achieved rapid growth over the last four years and in addition to fitting well with our own refractories business, will provide an excellent platform for future growth," said Paul Saueracker, Chairman, President and CEO of Minerals Technologies. "We expect the acquisition will be accretive to earnings per share in 2007."
Alain Bouruet-Aubertot, Senior Vice President and Managing Director of Minteq International Inc, said: "The acquisition of ASMAS offers an attractive option for Minteq to increase its ability to service the steel industries in Eastern Europe and the Middle East and is fully consistent with Minteq's strategy of direct investment into regions where the steel industry is expanding".
Minerals Technologies Inc is a global resource and technology based growth company that develops, produces and markets worldwide 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