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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