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News Breaks | | | | January 29, 2013 | | 09:03 EDT |  | CBT | Cabot reaches milestone in agreement with Michelin
Cabot announces that it has reached another key milestone in its technology licensing agreement with Manufacture Francaise des Pneumatiques Michelin for use of Cabot's patented elastomer composite technology in tire applications. Regular royalty payments to Cabot have now begun and will extend through fiscal 2022. Since 2008, Cabot has been working with Michelin to develop the technology and manufacturing operations necessary to commercialize the technology in global tire markets. | |
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| June 17, 2013 | | 08:05 EDT | | CBT | Cabot to acquire remainder of NHUMO for $105M
Cabot Corporation announced that it has entered into an agreement with Grupo Kuo S.A.B. de C.V. to purchase the remaining 60% equity of its Mexican carbon black manufacturing joint venture, NHUMO, S.A.de C.V, for $105M, of which $80M will be paid upon closing, excluding cash acquired. NHUMO is the leading carbon black producer in Mexico, and the acquisition will strengthen Cabot’s global carbon black business. The plant has an annual capacity of 140,000 metric tons and is located in Altamira, Mexico. In fiscal 2012, the joint venture generated adjusted EBITDA of $41M. The acquisition is expected to close by the fall of 2013, pending regulatory approvals. The earnings per share accretion is estimated to be approximately 15c in FY14, excluding one-time costs. In addition, the company expects operational synergies to contribute 5c-10c earnings per share within the next two to three years. | |
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