TOR Minerals International Announces Sale of Corpus Christi Assets
TOR Minerals International (OTC-Pink: TORM) has agreed to sell its Corpus Christi, Texas facility assets to United Minerals and Properties, Inc. for $2,250,000 plus inventory value. The sale includes the associated businesses of Aluminum Trihydrate and Barium Sulfate. This transaction, expected to close in Q2 2021, aims to enable TOR to focus on global specialty businesses to enhance profitability. TOR will maintain its remaining operations and its shares will continue to trade on the Pink market under the symbol TORM.
- The sale will generate $2,250,000 plus inventory value, providing liquidity.
- Focus on specialty businesses may enhance profitability and growth opportunities.
- The sale of the Corpus Christi facility may impact overall operational capacity.
CORPUS CHRISTI, Texas, March 17, 2021 /PRNewswire/ -- 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
"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.
Some of the statements made in this release may be forward-looking statements. Forward-looking statements relate to expectations or may involve known or unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
These forward-looking statements reflect current views but are based on assumptions and are subject to risks, uncertainties and other variables which should be considered when making an investment decision. Forward-looking statements are relevant only as of the dates made, and the Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date on which the statement is made. All written or oral forward-looking statements that are made by or are attributable to the Company are expressly qualified in their entirety by this cautionary notice. Actual results may differ significantly from the results discussed in these forward-looking statements.
Contact for Further Information:
Jackie Dickey
HR Director and Corporate Secretary
jdickey@torminerals.com
+1(361) 826-2057
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SOURCE TOR Minerals International, Inc.
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