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Cabot Corporation Completes Sale of Purification Solutions Business
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Rhea-AI Summary
Cabot Corporation (NYSE: CBT) has successfully completed the divestiture of its Purification Solutions business to One Equity Partners. This sale, which generated $257 million in revenue in fiscal 2021, is part of Cabot's strategy to streamline its operations and focus on strengthening core business segments. The company will now operate under two reportable segments: Reinforcement Materials and Performance Chemicals. Cabot's CEO, Sean Keohane, highlighted the transaction as a strategic move to enhance growth plans outlined in their 'Creating for Tomorrow' strategy.
Positive
Successfully divested Purification Solutions business, generating $257 million in revenue in fiscal 2021.
Focus on core business segments expected to strengthen financial stability and growth potential.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Cabot Corporation (NYSE: CBT) announced that the Company has successfully completed the previously announced divestiture of its Purification Solutions business to One Equity Partners, a private equity firm.
“We are pleased to have completed the sale of the Purifications Solutions business to One Equity Partners. I would like to thank the Purification Solutions team for their hard work over the years and dedication to serving their customers with outstanding solutions and support,” said Sean Keohane, Cabot president and chief executive officer. “This transaction showcases how we are taking action to focus our portfolio so that we can invest our resources to strengthen our core business segments. Furthermore, it will enable us to deliver on our strategic growth plans as outlined in our ‘Creating for Tomorrow’ strategy.”
In fiscal 2021, the Purification Solutions business generated $257 million in revenue. Going forward, the Company will be organized into two reportable segments: Reinforcement Materials and Performance Chemicals.
One Equity Partners ("OEP") is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
