Chemours (CC) to Sell Mining Solutions Business to Draslovka for $520 Million
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The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions has entered into a definitive agreement to sell its Mining Solutions business for $520 million in cash (representing 10 times 2020 Adjusted EBITDA)1 to Draslovka Holding a.s. ("Draslovka"), a Czech-based private company specializing in cyanide production. The transaction is expected to close in the fourth quarter of 2021 subject to regulatory approvals and other customary closing conditions.
"Today's announcement of the Mining Solutions divestiture furthers our strategy of focusing on our three principal businesses in order to drive long-term shareholder value. Leveraging differentiated strategies, we feel confident that our businesses are well positioned to deliver growth and higher quality earnings through economic cycles," said Mark Newman, Chemours President and CEO. "The entire Mining Solutions team has worked hard to create a leading business with an unmatched record of safety and supply chain stewardship. Draslovka's long-standing expertise in cyanide coupled with a strategy devoted to growing this business, makes them an ideal partner invested in the success of our Mining Solutions employees and customers."
"The acquisition marks Draslovka's first major investment in the U.S. and advances Draslovka's international expansion plans," said Pavel Brůžek, CEO of Draslovka. "Our ambition is to use Draslovka's CN-based specialty chemicals expertise and technological capabilities to support our global growth plans, and drive improvements in safety, efficiency, and environmental considerations throughout the industry."
Gordon Dyal & Co. Advisory Group LP is acting as Chemours' financial advisor and Wachtell, Lipton, Rosen & Katz is acting as its legal advisor. J.P. Morgan is acting as Draslovka's transactional advisor and financing arranger, Dentons is acting as its legal advisor and PwC is acting as financial and tax advisor.
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