OCI completed the sale of its 73 percent stake in OCI Resources LP Oct. 26, according to a press release issued by the company.
Earlier this year, OCI announced it would sell its stake to Istanbul, Turkey-based company Ciner Enterprises Inc. for approximately $430 million.
The sale will result in a name change for the company, which will now be called Ciner Resources LP. This sale follows on the heels of another major trona industry sale this year when FMC sold its mine to Tronox.
According to investor documents on OCI Resources’ website, the sale will allow OCI Enterprises the opportunity to develop its photovoltaics businesses in North America while expanding Ciner Group’s soda ash business into the second largest producer of natural soda ash in the world. The move is also Ciner Group’s first investment in the United States.
According to the release, the name change is expected to effective Nov. 5, with publicly-traded stock in the company to start trading the next day. OCI Resources owns a 51 percent controlling interest in OCI Wyoming west of Green River. The Ciner Group operates a natural soda ash production facility through its subsidiary Eti Soda in Beypazari, Turkey, an area known as the second-largest trona bed in the world.
“Ciner Group has been expanding their position in the global soda ash market and we are excited about this partnership and how it could expedite the cash flow growth of OCI Resources,” OCI Resources President and CEO Kirk Milling said in the press release.
OCI Enterprises Inc., is headquartered in Atlanta and is the North American subsidiary of OCI Company Ltd., based in Seoul, South Korea.
OCI Resources LP was a master limited partnership operating the trona ore mine and soda ash production businesses under OCI Wyoming LLC.
Ciner Group is one of the largest conglomerates in Turkey, operating energy, mining shipping and media businesses.
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