Sivomatic is a Leading European Supplier of Premium Pet Care Products
Acquisition Extends MTI's Core Pet Care Product Line into Europe
NEW YORK, April 05, 2018 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. MTX ("MTI" or "the Company") today announced that it has entered into a definitive agreement with the shareholders of Sivomatic Holding B.V. ("Sivomatic") under which MTI will purchase all of the shares of Sivomatic.
Sivomatic is a vertically integrated manufacturer of premium cat litter in Europe, with production facilities in the Netherlands, Austria and Turkey. With a leading position in premier clumping products, the product portfolio spans the range of pet litter derived from bentonite, sourced predominantly from wholly-owned mines in Turkey.
With a family history in pet care dating back to 1924, Sivomatic has approximately 115 employees and generated revenue of €73 million in 2017.
"We are excited to have Sivomatic become part of MTI. This acquisition extends one of our core minerals-based product lines into Europe, which positions us well for continued profitable growth in the pet care business," said Douglas T. Dietrich, Chief Executive Officer. "We look forward to working with Sivomatic's management, employees and customers and bringing new innovative products to the market."
Peter Verseveldt, owner and former Chief Executive Officer of Sivomatic, commented, "We are delighted to be joining with a company of MTI's global scale and stature that is known for its focus on quality, innovation and customer service. We look forward to working closely with MTI to ensure a smooth transition for our customers, employees, and suppliers."
The acquisition will be financed through a combination of cash on hand and MTI's current credit facilities, and is anticipated to close in the second quarter of 2018. The purchase of Sivomatic is expected to be immediately accretive to Minerals Technologies.
Terms of the transaction were not disclosed. Closing of the transaction is subject to regulatory approval and other customary closing conditions.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2017 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission.
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a resource- and technology-based growth company that develops, produces and markets worldwide 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 $1.676 billion in 2017. For further information, please visit our website at www.mineralstech.com. (MTI-G)
About Sivomatic Holding B.V.
Sivomatic, headquartered in Moerdijk, Netherlands, is a premier pet care producer in Europe with sales in 30 countries. With €73 million turnover in 2017, Sivomatic is the market leader in the high-end, high quality cat litter segment. Sivomatic's production facilities are highly automated and situated in efficient logistical locations in the Netherlands, Austria and Turkey. The company is also the leader in innovation and provides a high level of customer service and premium quality pet care products. Please visit Sivomatic's website at www.sivomatic.nl.
Contact: Cindi Buckwalter
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