Minerals Technologies Announces Two New Satellite Contracts in Asia
Minerals Technologies Inc. (MTX) has announced two long-term contracts to enhance its presence in the packaging market. The first agreement is with Asia Symbol to supply ground calcium carbonate (GCC) for their new white paperboard mill in China, expected to start operations in 2023. The second contract is with Seshasayee Paper and Boards Ltd to construct a 22,000 metric ton per year precipitated calcium carbonate (PCC) plant in India, scheduled to operate by late 2022. These contracts highlight MTX's strategy to expand geographically and diversify its product offerings.
- New contracts with Asia Symbol and SPB enhance MTX's market presence.
- GCC supply agreement targets the growing white paperboard market in China.
- Construction of PCC plant in India represents ongoing geographic growth.
- None.
Contract with Asia Symbol to Provide GCC for White Packaging Board Mill in China
Contract with SPB to Construct 22,000 Metric Ton Per Year Satellite PCC Plant in India
NEW YORK, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) announced today that it has entered into two separate long-term agreements.
The first agreement is to deploy ground calcium carbonate (GCC) technology with Asia Symbol, a premier pulp, paper, and packaging company in China. The agreement with Asia Symbol provides high quality GCC supply to the first phase of their new coated paperboard mill in Rugao, Nantong City, Jiangsu Province, China, which is expected to commence operations in 2023. This represents MTI’s first GCC satellite offering specifically tailored for packaging customers.
The second agreement is with Seshasayee Paper and Boards Ltd (“SPB”) to build a 22,000 metric ton per year satellite precipitated calcium carbonate (PCC) plant at SPB’s paper mill in Erode, Tamil Nadu, India. The facility is scheduled to begin operating in late 2022.
“These two new contracts demonstrate the progress we continue to make with our strategy to grow geographically and expand our product offering into the packaging market,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “The agreement with Asia Symbol represents a fundamental step in our ability to drive new growth opportunities in the white paperboard market. In addition, our new satellite with SPB will be our ninth in India, continuing our geographic growth in the region.”
D.J. Monagle III, Group President, Specialty Minerals and Refractories, commented further, “We are very pleased to add these two new premier packaging and paper customers to our global portfolio. These agreements demonstrate the value our technology offering provides for fine paper grades and packaging applications. We look forward to long and mutually rewarding partnerships with Asia Symbol and SPB.”
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a global resource- and technology-based company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The company reported sales of
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