PITTSBURGH, PA--(Marketwired - July 05, 2016) - Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc. (NYSE: KOP), announced today that it has completed the sale of its tar distillation properties and assets in the United Kingdom to U.K.-based Industrial Chemicals Group Limited (ICGL).
Koppers has transferred essentially all assets at the Port Clarence and Scunthorpe sites to ICGL in exchange for ICGL assuming all historical environmental-related liabilities. In addition, Koppers made a modest cash contribution toward the environmental remediation that will be ratably released from escrow over the next three years.
As part of the transaction, in order to enable Koppers to continue to meet its customer obligations, ICGL will provide terminal services to Koppers U.K. Limited for the storage and shipping of coal tar, as well as production services to Koppers Specialty Chemicals.
In February 2016, the company announced the closure of the two U.K. tar distillation facilities as part of its continued efforts to streamline the operating footprint of its Carbon Materials and Chemicals business.
Koppers, with corporate headquarters in Pittsburgh, Pennsylvania, is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds. Our products and services are used in a variety of niche applications in a diverse range of end-markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber, and construction industries. Including our joint ventures, we serve our customers through a comprehensive global manufacturing and distribution network, with facilities located in North America, South America, Australasia, China and Europe. 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: www.koppers.com. Questions concerning investor relations should be directed to Michael J. Zugay at 412 227 2231 or Quynh McGuire at 412 227 2049.
Safe Harbor Statement
This news release may contain forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's revenues, earnings, restructuring, strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates of countries in which Koppers does business; competitive pressures; the loss of one or more key customer or supplier relationships; customer insolvencies; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost and availability of raw materials; and other economic, business, competitive, regulatory and/or operational factors affecting the business of Koppers generally.