North American Talc Subsidiaries of Imerys announced that the United States Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the debtors’ assets to Magris Resources Canada Inc., plus an agreement to assume certain assumed liabilities.
WHO: North American Talc Subsidiaries of Imerys include Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada. The company supplies premium-quality, talc-based solutions to a wide variety of industrial applications including paints, plastics, ceramics, rubber, paper, agriculture, adhesives and sealants, building products, cosmetics, and pharmaceuticals.
Magris was founded in 2012 by Aaron Regent to acquire, develop, and operate industrial minerals and mining assets on a global basis. Magris owns and operates Niobec, a Quebec-based producer of niobium, which is a critical element used in the production of high-strength, low-alloy steels.
WHY: Imerys is the talc supplier for Johnson & Johnson’s baby powder and other products. Due to the large number of lawsuits that have emerged claiming talc has caused cancer in consumers, Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada were sold in order to compensate the talc victims and emerge from Chapter 11.
IN THEIR OWN WORDS: Giorgio La Motta, President, Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada, said, “This is a major milestone in the North American Talc Subsidiaries’ path towards emergence from Chapter 11. We believe the outcome of this sale process maximizes the value of the assets to the benefit of all parties. We look forward to working with Magris as we move towards closing, and remain committed to providing our customers with safe, high-quality mineral products moving forward. Our leadership team would also like to extend our gratitude to Imerys Talc America’s employees for their hard work and focus throughout this process.”
“We are excited to acquire the North American Talc Subsidiaries, which are underpinned by high-quality, long-life assets that produce a variety of talc products for blue-chip customers in diverse industrial end markets. We have been extremely impressed by the quality and safety culture of the operations and workforce, and look forward to partnering with the existing management team to continue to grow this business,” said Aaron Regent, Chairman & CEO of Magris.
“We look forward to welcoming the North American Talc Subsidiaries to the Magris family. The combination of the North American Talc Subsidiaries and our existing niobium business in Canada represents a unique opportunity to realize meaningful synergies and create an industrial minerals platform that Magris can continue to invest in and scale,” said Matthew Fenton, President & CFO of Magris.
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