CINR - Ciner Resources to sell controlling stake in U.S. soda ash unit in $450M deal

Ciner Resources (CINR +7%) pops to a 52-week high in early trading after Turkish chemical company Sisecam said it will acquire 60% of Ciner's soda business operations in the U.S. for $450M. Ciner Resources holds a 74% interest in Ciner Resources LP, which in turn holds 51% in Ciner Wyoming USA, a fully operational natural soda ash production facility with 2.5M tons/year capacity. Ciner and Sisecam, which are joint venture partners in the natural soda ash business, say they plan to invest ~$4B in total in the U.S. Sisecam says the investment will include the largest soda ash production facility in a single location and make the company the largest natural soda ash producer in the U.S. Earlier this month, Ciner reported distributable cash flow of $8.2M, more than double the prior-year quarter.

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Ciner Resources to sell controlling stake in U.S. soda ash unit in $450M deal