SOURCE: Koppers Holdings Inc.

Koppers Holdings Inc.

December 07, 2009 09:00 ET

Koppers Signs Letter of Intent to Purchase Tar Distillation Business in Europe

PITTSBURGH, PA--(Marketwire - December 7, 2009) - Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc. (NYSE: KOP), announced that it has signed a letter of intent to acquire 100% of the outstanding shares of privately-owned Cindu Chemicals B.V. ("Cindu") from joint owners Cindu B.V. and Corus Staal B.V. for an undisclosed purchase price. The proposed transaction is subject to the negotiation and execution of a definitive purchase and sale agreement, the completion of due diligence, certain regulatory approvals, consultation with Cindu's Works Council, and other customary closing conditions. Upon completion, Koppers expects to fund the acquisition primarily with cash.

Cindu's operations and end markets are similar to those of other plants within the Carbon Materials and Chemicals business unit. Primary products include carbon pitch, naphthalene, carbon black feedstock and certain specialty products and coatings. The most recently reported sales for Cindu were for the year ended December 31, 2008 and totaled approximately EUR 50 million. The business includes a 140,000 metric ton tar distillation plant located in Uithoorn, Netherlands, storage tanks located at the Port of Amsterdam, and a long-term tar supply contract with Corus Staal.

About Koppers

Koppers, with corporate headquarters and a research center in Pittsburgh, Pennsylvania, is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, Australia, and China. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol "KOP." For more information, visit us on the Web: Questions concerning investor relations should be directed to Brian H. McCurrie at 412 227 2153 or Michael W. Snyder at 412 227 2131.

Safe Harbor Statement

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, restructuring, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plans," "intends," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or documents filed with the Securities and Exchange Commission, or in Koppers communications with and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding expectations with respect to sales, earnings, cash flows, operating efficiencies, product introduction or expansion, the benefits of acquisitions and divestitures or other matters as well as financings and repurchases of debt or equity securities, are subject to known and unknown risks, uncertainties and contingencies. Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements, include, among other things, general economic and business conditions, demand for Koppers goods and services, competitive conditions, interest rate and foreign currency rate fluctuations, availability of key raw materials and unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and quarterly report on Form 10-Q. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

Contact Information

  • For Information:
    Brian H. McCurrie
    Vice President
    Chief Financial Officer
    412 227 2153
    Email Contact