Tronox completes FMC buy

The world’s largest trona mine is no longer part of FMC.

It’s now Tronox Alkali. Tronox and FMC announced the two companies completed the sale of the mine west of Green River April 1 in joint media releases.

“The combination of Tronox and Alkali creates a leading inorganic chemicals company comprised of two fully integrated businesses with a competitive industry advantage,” Tom Casey, Tronox chairman and CEO said in the company’s release. “The acquisition of the Alkali business also diversifies our end-market exposure and revenue base and increases our U.S. income and participation in faster growing economies. We are very pleased to welcome Alkali’s more than 1,000 employees and experienced senior management team to Tronox.”

The sale was valued at $1.64 billion and started earlier this year. The antitrust review of the deal was completed in March. FMC originally planned to split its alkali chemicals division from the main company, but changed direction after agreeing to purchase Cheminova, a agricultural chemical manufacturer last year.

The mine’s sale was used to free up cash for the Cheminova purchase, which FMC expects to close on later this month.

“We’re pleased that the Alkali Chemicals business is now owned by Tronox, where it will thrive as part of a leading, global mining and minerals company,” Pierre Brondeau, FMC president, CEO and chairman said in FMC’s release.

“Completing this transaction ensures FMC will maintain a strong balance sheet as we prepare to close the acquisition of agrochemical maker Cheminova A/S and complete our transformation into a global agriculture, health and nutrition company.”