TOR Minerals International, Inc. (OTC-Pink: TORM), global producer of high performance specialty minerals products, has agreed to sell the operational assets of its Corpus Christi, Texas facility, subject to certain excluded assets, to United Minerals and Properties, Inc. d/b/a Cimbar Performance Minerals, Inc. Along with the facility assets, TOR will also sell to Cimbar the associated businesses of Aluminum Trihydrate (ATH) and Barium Sulfate (Barite). The purchase price for the included assets is $2,250,000 plus the inventory value of raw materials, intermediate and finished goods, and consumable materials. Subject to satisfaction of applicable closing conditions, the transaction is expected to close in the second quarter of this year.
“The Corpus Christi facility has played an important role in the success of TOR Minerals since it was first established four decades ago,” said Jim Roecker, Vice Chairman and Chief Executive Officer of TOR Minerals International. “Over the past several years, a consistent objective has been to shift the company’s growth and expansion strategy towards our global specialty businesses. The sale of the Corpus assets will enable us to further invest in the growth of these specialty businesses and take full advantage of the attractive profitability they provide.”
As a result of the anticipated transaction, TOR Minerals will continue its remaining established global businesses including its subsidiaries TOR Processing and Trade, BV (TP&T) in The Netherlands, and TOR Minerals Malaysia (TMM). TOR Minerals International, Inc. will continue to be headquartered in the US. The Company’s shares will continue to be traded on the Pink market, operated by OTC Markets Group. The symbol, TORM, will remain unchanged.
About TOR Minerals International, Inc.
TOR Minerals International, Inc., established in 1980, is headquartered in Corpus Christi, Texas, with manufacturing and regional offices located in the United States, Netherlands and Malaysia. The Company is a global producer of high performance, specialty mineral products focused on product innovation and technical support. Our specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and titanium dioxide color hybrid pigments, are designed for use in plastic, coatings, paints and catalysts applications, as well as a wide range of other industrial applications.
To learn more about TOR Minerals, please visit our website at www.torminerals.com.
