Cabot to buy Dutch activated carbon producer Norit
Cabot Corp. has agreed to purchase Netherlands-based activated carbon producer Norit N.V. for $1.1 billion, officials with both companies announced Thursday.
The acquisition strengthens US-based Cabot’s specialty chemicals portfolio with a non-cyclical, high-growth and high-margin business, according to the company.
“Norit’s leading market position, unique technology and strong financial performance is an excellent fit with Cabot’s portfolio,” said Cabot CEO Patrick Prevost.
“This acquisition supports the ongoing transformation of our portfolio to a higher margin, less cyclical, specialty chemicals focused company,” he continued.
“The acquisition of Norit is a natural extension of our core R&D and applications development competencies. Norit is the leader in purification and we are looking forward to the Norit team joining Cabot.”
Activated carbons are performance materials used in applications such as environmental protection, air and water purification, food and beverages, pharmaceuticals and catalysts.
Norit operates 10 manufacturing facilities throughout the Americas and Europe. It employs 760 people and provides the widest and most differentiated range of activated carbon products of any producer, Cabot officials say.
Norit generated sales of $360 million and adjusted EBITDA of $92 million for the prior 12 months ended December 31, 2011. The business has grown 12%/year since 2007.
Norit’s current chief executive officer, Ronald Thompson, will continue to lead the business.
Comments