OCI Enterprises Inc., the North American subsidiary of OCI
Company Ltd. (“OCI”) of Seoul, Korea, today announced it has
completed the previously-announced sale of its approximately 73%
limited partner interest in OCI Resources LP (NYSE:OCIR) (“OCI
Resources” or the “Partnership”), as well as its 2% general partner
interest and related incentive distribution rights, to Ciner
Enterprises Inc., an affiliate of Ciner Group of Istanbul, Turkey,
for a total consideration amount of approximately
$430 million. Additional details regarding the transaction can
be found in a presentation available on the Partnership’s website
at:
http://ociresources.com/files/OCIR-Investor-Presentation-Ciner-Slides.pdf.
In connection with the closing of the transaction, the
Partnership will change its name to Ciner Resources LP, with such
name change expected to be effective on November 5, 2015, and
the publicly traded units of the Partnership are expected to begin
trading the following day (November 6, 2015) after the open of
market trading on the New York Stock Exchange under a new ticker
symbol – CINR.
OCI Resources will continue to operate as a publicly traded
Master Limited Partnership with the current management team
remaining with the Partnership. The transaction does not involve
the sale or purchase of any OCI Resources common units held by the
public.
In connection with these changes, the general partner of the
Partnership will also change its name to Ciner Resource Partners
LLC and OCI Wyoming LLC (“OCI Wyoming”) will change its name to
Ciner Wyoming LLC, with such name changes expected to be effective
on November 5, 2015.
OCI Resources owns a controlling interest comprised of a 51%
membership interest in OCI Wyoming, one of the largest and
lowest-cost producers of natural soda ash in the world. Ciner
Group, through its subsidiary, Eti Soda, operates a natural soda
ash production facility in the world's second largest trona ore bed
located in Beypazari, Turkey.
“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,” said OCI
Resources President and CEO Kirk Milling.
“Ciner Group is pleased to welcome OCI Resources to our family
of companies. With its position in markets that are complementary
to ours, OCI Resources brings solid operational and financial
performance as well as industry-leading safety performance," said
Turgay Ciner, Chairman, Ciner Group.
Citi acted as financial advisor, Dechert LLP served as legal
advisor to OCI Enterprises Inc. and White & Case LLP served as
legal advisor to Ciner Group with the assistance of Regnum
Solicitors acting as in-house legal advisor to Ciner Group.
ABOUT OCI ENTERPRISES INC.
OCI Enterprises Inc. is a chemical and green energy company
headquartered in Atlanta, Ga. It is the North American subsidiary
of OCI Company Ltd., of Seoul, Korea. OCI Enterprises Inc. is
comprised of two divisions: Atlanta-based OCI Chemical Corporation
and San Antonio-based OCI Energy LLC.
ABOUT OCI RESOURCES LP
OCI Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of OCI Wyoming
LLC, one of the largest and lowest cost producers of natural soda
ash in the world, serving a global market from its facility in the
Green River Basin of Wyoming. The facility has been in operation
for more than 50 years.
ABOUT OCI COMPANY LTD.
OCI Company Ltd. is a global leading green energy and chemical
company founded in 1959 in Seoul, South Korea. It has developed a
diversified portfolio of products and solutions for a broad
spectrum of industries in the renewable energy sector, namely
polysilicon raw materials for solar cells, fumed silica vacuum
insulation panel (product: ENERVAC), sapphire ingots for LEDs and
solar photovoltaic power as well as chemical products for the petro
and coal chemical sector and the inorganic chemical and specialty
gases sector. OCI has a customer base spanning 80
countries with about $3 billion in sales in 2014. OCI has been
awarded Best Performing Chemical Company in the Dow Jones
Sustainability Index (DJSI) Asia Pacific Region for three years in
addition to earning ‘The Green Company Certification’ for the first
time in Korea in 2010. OCI has more than 4,800 employees and
operates in more than 20 overseas subsidiaries and regional
branches in Asia, the U.S. and Europe.
ABOUT CINER GROUP
Established in 1978, Ciner Group is primarily active in energy,
mining, shipping and media and is one of the largest conglomerates
in Turkey.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Statements other than statements of historical facts included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. These
statements contain words such as “possible,” “believe,” “should,”
“could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,”
“anticipate,” “will,” “if,” “expect” or similar expressions. Such
statements are based only on the Partnership’s current beliefs,
expectations and assumptions regarding the future of the
Partnership’s business, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the
Partnership’s control. The Partnership’s actual results and
financial condition may differ materially from those implied or
expressed by these forward-looking statements. Consequently, you
are cautioned not to place undue reliance on any forward-looking
statement because no forward-looking statement can be guaranteed.
Factors that could cause the Partnership’s actual results to differ
materially from the results contemplated by such forward-looking
statements include: changes in general economic conditions, the
Partnership's ability to meet its expected quarterly distributions,
changes in the Partnership’s relationships with its customers,
including American Natural Soda Ash Corporation ("ANSAC"), the
demand for soda ash and the opportunities for the Partnership to
increase its volume sold, the development of glass and glass making
product alternatives, changes in soda ash prices, operating
hazards, unplanned maintenance outages at the Partnership’s
production facilities, construction costs or capital expenditures
exceeding estimated or budgeted costs or expenditures, the effects
of government regulation, tax position, and other risks incidental
to the mining, processing, and shipment of trona ore and soda ash,
as well as the other factors discussed in the Partnership’s Annual
Report on Form 10-K for the year ended December 31, 2014, and
subsequent reports filed with the Securities and Exchange
Commission. All forward-looking statements included in this press
release are expressly qualified in their entirety by such
cautionary statements. Unless required by law, the Partnership
undertakes no duty and does not intend to update the
forward-looking statements made herein to reflect new information
or events or circumstances occurring after this press release. All
forward-looking statements speak only as of the date made.
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version on businesswire.com: http://www.businesswire.com/news/home/20151026005364/en/
OCI Enterprises Inc.Investor Relations:Scott
Humphrey, 770-375-2387shumphrey@ocienterprises.com
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