Tata Chemicals on Thursday said it has acquired the remaining 25 per cent stake in Tata Chemicals (Soda Ash) Partners Holdings for $195 million.
Following the transaction, Tata Chemicals ownership in Tata Chemicals (Soda Ash) Partners has increased to 100 per cent.
“Tata Chemicals, through its wholly-owned subsidiary Valley Holdings Inc, has acquired the remaining 25 per cent partnership interest in Tata Chemicals (Soda Ash) Partners Holdings (TCSAPH) from The Andover Group, a subsidiary of Owens-Illinois Inc. for $195 million,” the company said.
TCSAPH owns 100 per cent interest in Tata Chemicals (Soda Ash) Partners (TCSAP), the soda ash operating entity in the United States. The revenue of TCSAP for the year ended March 2019 was $465.5 million compared to $491 million in March 2018.
“The Tata group company said that with this transaction Tata Chemicals will have full ownership of the North American business and will further simplify enterprise architecture,” Tata Chemicals’ Managing Director and CEO R Mukundan said.
The acquisition is expected to be earnings per share accretive. “We will continue to invest in our Green River facility to meet market demand and serve our customers globally,” Mukundan said.
Source: Business Today