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Ciner Enterprises Inc. Sells Controlling Interest in Ciner Resources to Sisecam Chemicals USA Inc.
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Ciner Enterprises Inc. has finalized the sale of 60% of Ciner Resources Corporation to Sisecam Chemicals USA Inc., a subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. This transaction marks a significant change of control for Ciner Resources LP, which continues to operate publicly with its existing management. The sale does not affect publicly held units of Ciner Resources. The board of directors sees new appointments following the changes in ownership, while WE Soda retains its supportive role as a shareholder.
Positive
Ciner Resources remains publicly traded with current management, ensuring stability.
Sisecam has a strong market position in soda ash, potentially enhancing CRC's operational capacity.
Negative
The transfer of control to Sisecam may lead to strategic shifts that benefit the new owner over existing shareholders.
Board member resignations and new appointments may create uncertainty about future company direction.
ATLANTA--(BUSINESS WIRE)--
Ciner Enterprises Inc. (CEI), a wholly owned subsidiary of We Soda Ltd of London, UK (“WE Soda”), has completed the previously-announced sale of 60% of Ciner Resources Corporation (“CRC”) to Sisecam Chemicals USA Inc., a wholly owned subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. (“Sisecam”) of Istanbul, Turkey. CRC indirectly owns an approximately 72% limited partner interest in Ciner Resources LP (NYSE: CINR) (“Ciner Resources”), as well as its approximately 2% general partner interest and related incentive distribution rights, and so the sale of a controlling interest in CRC is also a change of control for Ciner Resources.
Ciner Resources will continue to operate as a publicly traded Master Limited Partnership with the current management team remaining with Ciner Resources. The transaction does not involve the sale or purchase of any Ciner Resources common units held by the public.
In addition, in connection with the closing of the transaction, Messrs. Atilla Ciner, Gursel Usta, Ahmet Tohma and Matthew Mead resigned from, and Messrs. Huseyin Kuscu, Mustafa Gorkem Elverici, Tahsin Burhan Ergene, Abdullah Kilinc, and Gokhan Guralp, Ms. Hande Eroz and Ms. Selma Oner were appointed to, the Board of Directors of the general partner of Ciner Resources.
Ciner Resources owns a 51% membership interest in Ciner Wyoming LLC (“Ciner Wyoming”), one of the largest and lowest-cost producers of natural soda ash in the world.
Sisecam is a global player in soda ash and chromium chemicals, flat glass, glassware, glass packaging and glass fiber sectors. Founded 86 years ago, it is one of the largest industrial publicly-listed companies based in Turkey. With production facilities in four continents and in 14 countries, Sisecam is one of the largest glass and chemicals producers in the world. Sisecam has been a partner with the Ciner Group since 2019. While Sisecam now has operating control over Ciner Resources, WE Soda will remain as a long-term supportive shareholder.
