S & B ΒΙΟΜΗΧΑΝΙΚΑ ΟΡΥΚΤΑ Α.Ε.
S&B Industrial Minerals S.A. simplifies its minority participation in Laviosa Chimica Mineraria S.p.A. and Bentec S.p.A.
S&B Industrial Minerals S.A. (S&B), signed an agreement today to transfer the 23% minority participation it has in Bentec S.p.A. to its affiliate Laviosa Chimica Mineraria S.p.A. (LCM), in which it retains its 35% interest. By this agreement, LCM will attain full ownership of Bentec S.p.A. This will enable LCM and Bentec S.p.A. to merge yielding a more simplified structure, offering reduced costs and marketing synergies for LCM. S&B will receive a consideration of euro 1.1 million from LCM for the transfer of its share in Bentec S.p.A.
S&B invested in 1997 in LCM, which is involved in the production, processing and trading of bentonite for foundry, civil engineering, cat litter and other specialty applications. S&B invested in 1999 in Bentec S.p.A., which is involved in the production of organoclays used in the paints market.
Kriton Anavlavis, CFO of S&B commented:
"This agreement with our long standing partners at Laviosa Chimica Mineraria entails mutual benefits for both parties. Through this simplification in the legal structure, our affiliate company, LCM, will enhance its cost containment efforts and will realize marketing synergies. For us at S&B, this transaction simplifies our legal entity structure and is in line with our current priorities for cash flow improvement".
S&B invested in 1997 in LCM, which is involved in the production, processing and trading of bentonite for foundry, civil engineering, cat litter and other specialty applications. S&B invested in 1999 in Bentec S.p.A., which is involved in the production of organoclays used in the paints market.
Kriton Anavlavis, CFO of S&B commented:
"This agreement with our long standing partners at Laviosa Chimica Mineraria entails mutual benefits for both parties. Through this simplification in the legal structure, our affiliate company, LCM, will enhance its cost containment efforts and will realize marketing synergies. For us at S&B, this transaction simplifies our legal entity structure and is in line with our current priorities for cash flow improvement".