- THE MAGAZINE
- NEW PRODUCTS
Carmeuse North America, a wholly owned subsidiary of Carmeuse Group, and Oglebay Norton Co. recently announced that they have entered into a definitive agreement under which Carmeuse will acquire all of the outstanding shares of Oglebay Norton for $36.00 per share in cash. The transaction, which is expected to close by the end of the year, is subject to the expiration or termination of the Hart-Scott-Rodino Act waiting period and approval by Oglebay Norton shareholders (among other things).
“Oglebay Norton is a strong company with world-class assets and outstanding employees who we are proud to welcome to the Carmeuse family,” said Thomas Buck, president and chief executive officer of Carmeuse North America. “By combining the resources of our well-established companies, we will be better equipped to serve the needs of today’s increasingly competitive and dynamic marketplace. This acquisition provides a high level of market diversity for Carmeuse. In particular, Oglebay Norton’s considerable limestone business provides us with added resources to serve the rapidly growing flue gas desulfurization (FGD) market, in which Carmeuse has a high level of technical expertise. We look forward to a quick completion of this transaction and to the seamless integration of our operations.”
According to Michael Lundin, president and chief executive officer of Oglebay Norton, “We are proud of the significant progress we have made at restructuring Oglebay Norton, enhancing the company’s financial flexibility and capitalizing on our strong competitive position in minerals and aggregates. Carmeuse, a global leader in lime with a proven track record of success in acquiring and building companies, is the right partner for Oglebay Norton at the right time.”
For more information, visit www.oglebaynorton.com or www.carmeusena.com.