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News Breaks
February 4, 2014
07:18 EDTCBTCabot upgraded at SunTrust
As previously reported, SunTrust upgraded Cabot to Buy from Neutral. The firm upgraded shares due to valuation and improvements in major end markets. Price target raised to $54.
News For CBT From The Last 14 Days
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November 11, 2015
16:20 EDTCBTCabot announces restructuring of Indonesian carbon black manufacturing
Cabot announced that its carbon black manufacturing facility in Merak, Indonesia will close. It is anticipated that manufacturing operations will cease by the end of January 2016. The decision, which will affect approximately 50 local employees, was driven by the Merak facility's financial performance over the past few years. Despite efforts to be competitive, the facility has suffered from low utilization rates. Asia is quickly becoming one regional market and this dynamic has created the need for our facilities to be even more cost competitive. As such, we will consolidate production in Asia by ceasing production at our Merak facility and using our Cilegon, Indonesia as well as other Asian and global carbon black production sites to meet the regional demand. Indonesia remains a strategic country for Cabot's carbon black business. Its tire manufacturing industry supplies growing local and global demand. Cabot is committed to engaging with customers currently served from the Merak plant to determine how best to meet their needs during and after the shutdown of production. Cabot will leverage its global manufacturing reach to continue to offer quality products and technical services to its customers in Indonesia as well as throughout Asia Pacific. Cabot expects the closure plan will result in a pre-tax charge to earnings of approximately $33M, of which approximately $8M of this amount is cash and $25M is a non-cash charge. Annual savings related to the closure are estimated to be approximately $8M, of which approximately $5M is cash.

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