MTX - Minerals Technologies to exit talc business explores strategic alternatives for assets
2023-06-26 17:51:44 ET
Minerals Technologies ( NYSE: MTX ) said Monday that its unit, Barretts Minerals (BMI), will exit the talc business and explore strategic alternatives, which will include a potential sale of assets.
Barretts Minerals, which has active mine sites and claims in Montana and manufacturing facilities in Montana and Texas, had talc net sales of about $57 million in 2022, representing 2.7% of the company’s consolidated revenue.
"This decision comes at the conclusion of a strategic review of the BMI business, including a thorough evaluation of its fit with the company’s long-term priorities amidst the backdrop of a talc-related litigation environment," the company said in a statement.
The company said it has engaged Jefferies LLC to manage the divestment process.
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Minerals Technologies to exit talc business, explores strategic alternatives for assets