S & B INDUSTRIAL MINERALS S.A.
The acquisition of 50% stake in CEBO International B.V. (CEBO) by the S&B Group is finalized
After the approvals by local control authorities and the final clearance by the European Commission yesterday April 18, 2007, the acquisition of 50% stake in CEBO International B.V. (CEBO) by the S&B Group is finalized. The acquisition had been announced on December 2006 with the signing of a definitive agreement. The transaction, through S&B''s subsidiary company in Germany, S&B Industrial Minerals GmbH, involves the purchase of the 50% stake from the previous owner Cementbouw Bindmiddelen & Logistiek B.V. (Cementbouw), while the other 50% will be retained by the current owner Halliburton Corporation of USA (Halliburton). CEBO will be jointly controlled by S&B and Halliburton.
CEBO''s total sales for the fiscal year 2006 were Euro 53.8 million with recurring EBITDA earnings (before interest, taxes, depreciation and amortization) of Euro 7.9 million. The purchase price for 50% of CEBO''s share capital stands, as foreseen, at Euro 26.1 million. The consolidation of 50% of CEBO in the S&B Group''s financial results will begin in April 2007.
CEBO owns a production facility in IJmuiden in the Netherlands and several logistics locations in the Netherlands and the United Kingdom, all strategically located to service the North Sea oil & gas industry. CEBO provides to this market, where it holds a leading position, value added products based on industrial minerals (mainly bentonite and barite), as well as specialty cements and chemicals. Furthermore, CEBO sells bentonite-based products for iron-ore pelletizing, civil engineering applications and pet litter absorbents. CEBO''s workforce amounts to around 100 people.
The General Manager of the S&B Group''s Bentonite Division Kriton Anavlavis commented: ''The integration of this unit to the Bentonite Division''s value chain from market to mine strengthens our presence in our traditional markets and brings us one step closer to the oil & gas drilling markets. Moreover, we aspire that this new cooperation with Halliburton will broaden our prospects in new markets and regions''.
CEBO''s total sales for the fiscal year 2006 were Euro 53.8 million with recurring EBITDA earnings (before interest, taxes, depreciation and amortization) of Euro 7.9 million. The purchase price for 50% of CEBO''s share capital stands, as foreseen, at Euro 26.1 million. The consolidation of 50% of CEBO in the S&B Group''s financial results will begin in April 2007.
CEBO owns a production facility in IJmuiden in the Netherlands and several logistics locations in the Netherlands and the United Kingdom, all strategically located to service the North Sea oil & gas industry. CEBO provides to this market, where it holds a leading position, value added products based on industrial minerals (mainly bentonite and barite), as well as specialty cements and chemicals. Furthermore, CEBO sells bentonite-based products for iron-ore pelletizing, civil engineering applications and pet litter absorbents. CEBO''s workforce amounts to around 100 people.
The General Manager of the S&B Group''s Bentonite Division Kriton Anavlavis commented: ''The integration of this unit to the Bentonite Division''s value chain from market to mine strengthens our presence in our traditional markets and brings us one step closer to the oil & gas drilling markets. Moreover, we aspire that this new cooperation with Halliburton will broaden our prospects in new markets and regions''.