Rain CII Carbon completes acquisition RUTGERS

Rain CII Carbon completes acquisition of RUTGERS

7:00 AM, 8th January 2013
Rain CII Carbon completes acquisition of RUTGERS

TEXAS, US: Rain CII Carbon LLC US, has completed the previously announced acquisition of RUTGERS NV, a Belgium-headquartered Coal Tar Pitch (CTP) and Chemicals manufacturer, from funds managed by Triton, after receiving the necessary regulatory approvals. Rain CII acquired 100 per cent of the shares of RUTGERS pursuant for a gross enterprise value of €702.0 million plus certain contingent payments not exceeding €27.0 million during the next three years. RUTGERS has achieved revenues of €877.4 million and reported EBITDA of €102.8 million for the last twelve months ended 30 September 2012.

“The acquisition of RUTGERS is complementary to Rain CII’s core business of Calcined Petroleum Coke. Adding RUTGERS to Rain CII’s operations diversifies and expands our portfolio of products and our base of operations geographically while adding vertical depth within our core business. This will strengthen the prospect of research and development for carbon supply to the Aluminum industry,” said Gerry Sweeney, President and CEO, Rain CII.

“Moreover, expanding into the Coal Tar Distillation business is complementary to Rain CII and RUTGERS as both companies share the same underlying business model of converting the by-products of major industries, in this case oil refining and steel industries respectively, into value-added products,” added Sweeney.

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