Carbon black supplier Orion Engineered Carbons has acquired the remaining shares of the carbon black business QECC in Qingdao, China, completing purchase of the company.
Orion CEO Jack Clem said: “The total purchase price of approximately €28 million for 100% of the equity of QECC was well within our expectations. The business was essentially debt free, and the closing actually was completed ahead of schedule. We are pleased with the positioning and performance of the business, as well as progress on integration within the Orion group. QECC will add to our already strong market position in Asia Pacific and will be immediately accretive to our adjusted EBITDA.”
Orion added that is has renewed agreements with its major tire customers for 2016 for product volumes that are in line with the company’s strategy to increase business in major regions, particularly North America, Europe and South Korea.
The company will review its Q4 and full year 2015 results and expectations for full year 2016 in a conference call Friday, March 4, 2016 at 8:30am (ET).
(Orion Engineered Carbons – Luxembourg)
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