Wednesday, 16 August 2006NewYork, NY- based U.S. company Minerals Technologies Inc. announced that its wholly owned subsidiary, Minteq International Inc. has signed an agreement, subject to successful completion of due diligence, to acquire ASMAŞ, an İstanbul-based Turkish producer of refractories. The terms of the agreement were not disclosed. Both Minteq International and ASMAŞ are producers of monolithic refractories, which are used primarily by the steel industry to protect the interior of steel-making vessels and molten metal handling equipment from extremely high temperatures.
ASMAŞ reported net sales of $20 million in 2005. The refractories segment of Minerals Technologies Inc. reported sales in 2005 of $328 million.
Paul Saueracker, chairman, president and CEO of Minerals Technologies, said, "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."
16 August 2006, The New Anatolian |
Wednesday, 16 August 2006
Turkey
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