MTX - Minerals Technologies Inc. Announces Completion of Sale of Subsidiary's Talc Business | Benzinga
NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE:MTX) ("MTI" or "the Company") today announced that its subsidiary, Barretts Minerals Inc. ("BMI"), has completed the sale of all the talc assets to Riverspan Partners ("Riverspan") for $32 million. The go-forward company will conduct business under the Barretts Minerals brand.
The United States Bankruptcy Court for the Southern District of Texas (the "Court") approved the sale, which includes an agreement to assume certain Assumed Liabilities, on March 25, 2024 as part of the ongoing Chapter 11 process of Barretts Minerals Inc. ("BMI") and Barretts Ventures Texas LLC (together, "BMI"). Proceeds from the sale will be used to fund BMI's ongoing Chapter 11 case including the repayment of its debtor-in-possession funding and the anticipated creation of a section 524(g) trust.
No other subsidiaries or business units of MTI are included in the Chapter 11 filing or the sale and, as such, all are operating business as usual and will continue to do so.
"This is an important step in MTI's exit from the talc business, and represents forward progress in BMI's Chapter 11 process," said Douglas T. Dietrich, Chairman and Chief Executive Officer of MTI. "This sale not only delivers value and certainty to BMI's various stakeholders, it also enables MTI to move forward with a clear focus on achieving our long-term strategic objectives."
Riverspan Partners is a Chicago-based investment firm focused on lower middle market companies in the industrials sector, including engineered materials and advanced manufacturing. Leveraging its ...