US soda ash producer files for $115 million IPO

22 Jul '13

2 min read

Atlanta-based company OCI Resources LP, an affiliate of soda ash producer OCI Wyoming, has filed to raise US$115 million through an initial public offering (IPO), according to a Wall Street Journal report.

The newly launched company was formed to operate trona ore mining (a mix of sodium carbonate, sodium bicarbonate and water) and soda ash production business of OCI Wyoming. The company owns 50.5 percent stake in OCI Wyoming.

In textiles industry, soda ash is used in dyeing cotton and other cellulose fibers such as linen, rayon, tencel or hemp, to increase the pH (alkalinity) of the reaction.

In the filing with the Securities and Exchange Commission (SEC), OCI Resources LP planned to enlist its shares in the New York Stock Exchange under the symbol OCIR.

OCI Wyoming, operating its facility at Green River basin since 50 years, is one of the world’s largest producers of soda ash. It operates a trona ore mining operation and soda ash refinery in Wyoming, US.

In the year 2012, OCI Wyoming generated revenue of US$ 462.6 million with a net income of US$ 114 million.

As of March 31, 2013, OCI Wyoming has managed to acquire reserves of approximately 267.1 million short tons of trona which is equivalent to 145.5 million short tons of soda ash.

Fibre2fashion News Desk - India

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