|By PR Newswire||
|January 4, 2013 03:36 PM EST||
STAMFORD, Conn., Jan. 4, 2013 /PRNewswire/ -- Rain CII Carbon LLC USA ("Rain CII") has completed the previously announced acquisition of RUETGERS N.V. ("RUETGERS"), a Belgium-headquartered Coal Tar Pitch ("CTP") and Chemicals manufacturer, from funds managed by Triton ("Triton"), after receiving the necessary regulatory approvals. Rain CII acquired 100% of the shares of RUETGERS pursuant to an agreement with Triton for a gross enterprise value of €702.0 million plus certain contingent payments not exceeding €27.0 million during the next three years. RUETGERS has achieved revenues of €877.4 million and reported EBITDA of €102.8 million for the last twelve months ended September 30, 2012.
"The acquisition of RUETGERS is complementary to Rain CII's core business of Calcined Petroleum Coke," said Gerry Sweeney, President and Chief Executive Officer of Rain CII. "Adding RUETGERS to Rain CII's operations diversifies and expands our portfolio of products and our base of operations geographically while adding vertical depth within our core business. This will strengthen the prospect of research and development for carbon supply to the Aluminum industry. Moreover, expanding into the Coal Tar Distillation business is complementary to Rain CII and RUETGERS as both companies share the same underlying business model of converting the by-products of major industries, in this case oil refining and steel industries respectively, into value-added products."
"Rain CII and RUETGERS have complementary products and geographic presences. As a result of the expected global scale of the combined company, long-standing supplier and customer relationships, production resources, application know-how, and expertise in complying with industry regulatory requirements, we believe we will be well positioned to maintain our industry-leading positions" said Henri Steinmetz, Chief Executive Officer of RUETGERS. "RUETGERS' investments in existing sites and new facilities in the Netherlands and Russia provide for new innovative products and further strengthened market positions. RUETGERS is today well positioned to continue to prosper and we believe that Rain CII has the credentials to and will be a good owner for RUETGERS."
About Rain CII:
Rain CII is engaged in the businesses of production and sale of Calcined Petroleum Coke ("CPC") and co-generation of Energy (Steam and/or Electricity).
Rain CII along with its associate company in India ("Rain CII Group"), is one of the world's largest producers of CPC with nine Coke Calcining plants in the US, India and China. Rain CII sells CPC primarily to global customers in the Aluminum, Steel and Titanium-Dioxide industries. Rain CII Group has five heat recovery plants in the US and India which co-generate steam and electricity to produce energy.
For further information, please visit http://www.raincii.com
For more than 160 years, RUETGERS has been setting the standard as a manufacturer of high-quality basic and specialty chemicals. RUETGERS has approximately 1,000 employees at eight international production sites maintaining the highest standards to protect people and the environment. RUETGERS secures its supply of raw materials and operates an efficient logistics network to ensure on-time supply of pitch products, technical oils, aromatic resins and other basic chemicals.
For more information: www.ruetgers-group.com/en
SOURCE Rain CII Carbon LLC USA
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