Minerals Technologies Inc. Announces Completion of Sale of Subsidiary’s Talc Business
29 Abril 2024 - 6:46PM
Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”)
today announced that its subsidiary, Barretts Minerals Inc.
(“BMI”), has completed the sale of all the talc assets to Riverspan
Partners (“Riverspan”) for $32 million. The go-forward company will
conduct business under the Barretts Minerals brand.
The United States Bankruptcy Court for the Southern District of
Texas (the "Court") approved the sale, which includes an agreement
to assume certain Assumed Liabilities, on March 25, 2024 as part of
the ongoing Chapter 11 process of Barretts Minerals Inc. (“BMI”)
and Barretts Ventures Texas LLC (together, “BMI”). Proceeds from
the sale will be used to fund BMI’s ongoing Chapter 11 case
including the repayment of its debtor-in-possession funding and the
anticipated creation of a section 524(g) trust.
No other subsidiaries or business units of MTI are included in
the Chapter 11 filing or the sale and, as such, all are operating
business as usual and will continue to do so.
“This is an important step in MTI’s exit from the talc business,
and represents forward progress in BMI’s Chapter 11 process,” said
Douglas T. Dietrich, Chairman and Chief Executive Officer of MTI.
“This sale not only delivers value and certainty to BMI’s various
stakeholders, it also enables MTI to move forward with a clear
focus on achieving our long-term strategic objectives.”
Riverspan Partners is a Chicago-based investment firm focused on
lower middle market companies in the industrials sector, including
engineered materials and advanced manufacturing. Leveraging its
deep domain expertise, Riverspan seeks to work with management
teams to accelerate growth and build durable, long-term
success.
Dave Thomas, Partner and Co-Founder at Riverspan, said,
“Riverspan is committed to the long-term success of Barretts, and
we are excited to partner with the organization and its leaders in
the next phase of the company’s growth. We are excited to acquire
these high-quality assets, which are bolstered by a very talented
employee base and a strong safety culture. We look forward to
providing financial support and operational expertise as the
business expands its product portfolio and continues to deliver
excellent service to its customers.”
BMI is advised by Latham & Watkins LLP, Jefferies LLC, and
M3 Partners. Additional information about the Chapter 11 cases can
be found at: https://cases.stretto.com/BMI.
Riverspan is advised by Milbank LLP, McDermott Will & Emery
LLP, and Holland & Hart LLP.
FORWARD-LOOKING STATEMENTSThis press release
may contain "forward‐looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide current expectations and forecasts of future
events such as new products, revenues and financial performance,
and are not limited to describing historical or current facts. They
can be identified by the use of words such as “believes,”
“expects,” “plans,” “intends,” “anticipates,” and other words and
phrases of similar meaning. Forward-looking statements are
necessarily based on assumptions, estimates and limited information
available at the time they are made. A broad variety of risks and
uncertainties, both known and unknown, as well as the inaccuracy of
assumptions and estimates, can affect the realization of the
expectations or forecasts in these statements. Actual future
results may vary materially. Significant factors that could affect
the expectations and forecasts include worldwide general economic,
business, and industry conditions; the cyclicality of our
customers’ businesses and their changing regional demands; our
ability to compete in very competitive industries; consolidation in
customer industries, principally paper, foundry and steel; our
ability to renew or extend long term sales contracts for our
satellite operations; our ability to generate cash to service our
debt; our ability to comply with the covenants in the agreements
governing our debt; our ability to effectively achieve and
implement our growth initiatives or consummate the transactions
described in the statements; our ability to successfully develop
new products; our ability to defend our intellectual property; the
increased risks of doing business abroad; the availability of raw
materials and access to ore reserves at our mining operations, or
increases in costs of raw materials, energy, or shipping;
compliance with or changes to regulation in the areas of
environmental, health and safety, and tax; risks and uncertainties
related to the voluntary petitions for relief under Chapter 11 of
the U.S. Bankruptcy Code filed by our subsidiaries Barretts
Minerals Inc. and Barretts Ventures Texas LLC; claims for legal,
environmental and tax matters or product stewardship issues;
operating risks and capacity limitations affecting our production
facilities; seasonality of some of our businesses; cybersecurity
and other threats relating to our information technology systems;
and other risk factors and cautionary statements in our 2023 Annual
Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update any forward‐looking statement, whether as a result
of new information, future events, or otherwise.
Investor Contact:Lydia Kopylova,
(212) 878-1831 |
|
Media Contact:Jennifer Albert,
(212) 878-1840 |
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