Hecla Releases Fourth Quarter And Year-End Results
Hecla recently announced it had entered into an agreement to sell its wholly owned subsidiaries, Kentucky-Tennessee Clay Co. and K- T Feldspar, to Imerys USA, Inc., for a price of $62.5 million, subject to customary post-closing adjustments. The transaction is expected to close in early April, subject to regulatory approval. "The proceeds from the sale of K-T Clay will be sufficient to pay off a $55 million bank debt we have coming due in April," said Arthur Brown, Hecla's chairman and chief executive officer. "Paying off the debt will enhance our balance sheet and give us some cash on hand."