Minteq International Inc., a wholly owned subsidiary of Minerals Technologies Inc., has completed the acquisition of ASMAS, an Istanbul-based producer of refractories. The purchase price was approximately $30 million, with up to $5 million of additional consideration to be paid through 2009 based on performance criteria through 2008. The company will operate in Turkey as ASMAS, a part of the Minteq family of companies, and key ASMAS management will be retained. ASMAS reported net sales of $20 million in 2005.
"ASMAS has achieved rapid growth over the last four years, and, in addition to fitting well with our own refractories business, will provide an excellent platform for future growth," said Paul R. Saueracker, chairman, president and chief executive officer of Minerals Technologies. "We expect the acquisition will be accretive to earnings per share in 2007."
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