Home / Knowledge / News / Textiles / OCI Enterprises sells 73% stake in OCI Resources to Ciner
OCI Enterprises sells 73% stake in OCI Resources to Ciner
22
Jul '15
OCI Enterprises is selling its 73 per cent stake in OCI Resources LP as well as its 2 per cent general partner interest and related incentive distribution rights, to Park Holding, a subsidiary of Ciner Group of Turkey.

Following the transaction, OCI Resources will continue to operate as a publicly traded Master Limited Partnership (MLP) with the current management team remaining with the Partnership.

In a press release, OCI Enterprises, which is the North American subsidiary of OCI Company Ltd, Korea said the transaction does not involve the sale or purchase of any OCI Resources common units held by the public.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the third quarter 2015.

OCI Resources owns a controlling interest comprised of a 51 per cent stake in OCI Wyoming LLC, one of the largest and lowest-cost producers of natural soda ash in the world.

Ciner Group, through its subsidiary, Eti Soda, operates a natural soda ash production facility in the world's second largest trona ore bed located in Beypazarri, Turkey.

“We are really excited about our new strategic relationship with Ciner Group and their desire to help us expedite the growth,” said OCI Resources president and CEO Kirk Milling.

“We think there will be numerous opportunities to leverage their expertise to help us grow our cash flow,” Milling added by saying.

“With its position in markets that are complementary to ours, OCI Resources brings solid operational and financial performance as well as industry-leading safety performance,” Ciner Group chairman Turgay Ciner said.

In June 2015, OCI Enterprises Inc. announced it was evaluating strategic alternatives for its stake in OCI Resources.

OCI Enterprises Inc. is comprised of two divisions, namely Atlanta-based OCI Chemical Corporation and San Antonio-based OCI Energy LLC.

OCI Resources LP operates the trona ore mining and soda ash production business of OCI Wyoming LLC, from its facility in the Green River Basin of Wyoming, which has been in operation for more than 50 years.

OCI Company Ltd. founded in 1959, has developed a diversified portfolio of products and solutions for a broad spectrum of industries in the renewable energy sector with about $3 billion in sales in 2014.

It has more than 4,800 employees and operates in more than 20 overseas subsidiaries and regional branches in Asia, the US and Europe. (AR)

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: EVG photos from Pexels

Apparel/Garments | On 16th Aug 2018

Bangladesh ups garment export target to $32.689 bn

The Government of Bangladesh has increased the country’s readymade...

Indian investors interested in denim production in Vietnam

Textiles | On 16th Aug 2018

Indian investors interested in denim production in Vietnam

Indian fabric firms are shifting attention from China to Vietnam,...

India's textiles, apparel exports fall by ₹8000 cr: Govt

Apparel/Garments | On 16th Aug 2018

India's textiles, apparel exports fall by ₹8000 cr: Govt

India’s textiles and apparel exports dropped by nearly ₹8,000 crore...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search