Koppers Holdings Inc. has announced that one of its wholly-owned subsidiaries, Koppers International B.V., has completed a transaction to acquire 100% of the outstanding shares of privately-owned Cindu Chemicals B.V. from joint owners Cindu B.V. and Corus Staal B.V. for an undisclosed purchase price. Koppers has funded the acquisition primarily with cash on hand in Europe.
In addition to acquiring ownership of Cindu, Koppers has entered into a long-term tar supply contract with Corus Staal, which supplies the majority of raw material requirements for the Uithoorn plant located in the Netherlands.
Cindu's operations and end-markets are similar to those of other Koppers plants within the Carbon Materials and Chemicals business unit. Primary products include carbon pitch, naphthalene, carbon black feedstock, and certain specialty products and coatings. The most recently reported sales for Cindu for 2008 were approximately EUR 50 million. The business includes a 140,000-metric-ton tar distillation plant located in Uithoorn, Netherlands and storage tanks located at the Port of Amsterdam.
Walt Turner, president and CEO of Koppers, said, "The acquisition of Cindu gives Koppers a stronger presence in the European market while enhancing our ability to serve our export markets. We are excited to welcome the Cindu employees into the Koppers group, and we look forward to their involvement and contributions to our future endeavors in the coal tar chemicals business. We view this transaction as one of many steps that we are taking to provide our customers with quality products and services."
For more information, visit www.koppers.com.
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