Cabot sells Supermetals business GAM $400 million

Cabot sells Supermetals business to GAM for $400 million

11:02 PM, 23rd January 2012
Cabot sells Supermetals business to GAM for $400 million

BOSTON, US: Cabot Corporation has closed the sale of its Supermetals business to Global Advanced Metals.The sale of supermetals business to Global Advanced Metals resulted in a payment of $400 million. The assets involved in the transaction include facilities in Boyertown, Pennsylvania and Aizuwakamatsu, Japan. Cabot will maintain its mining operation in Manitoba, Canada where the company mines cesium for its specialty fluids business and tantalum.

“This divestiture is an important step in Cabot’s transformation to becoming a leader in specialty chemicals and performance materials. The sale of the tantalum business at this attractive value will improve the stability of our earnings and will allow us to focus on existing and new growth initiatives as we remain committed to achieving our target of adjusted earnings per share of $4.50 in 2014,” said Patrick Prevost, President and Chief Executive Officer, Cabot.

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