Purchase of refractories business

Purchase of refractories business

Keywords: Minerals Technologies, MINTEQ International,Martin Marietta Magnesia Specialties

Minerals Technologies Inc. recently announced that its wholly owned subsidiary, MINTEQ International Inc., closed on the transaction to purchase the refractories business component of Martin Marietta Magnesia Specialties Inc., a wholly owned subsidiary of Martin Marietta Materials, Inc. The purchase price was $34 million.

Both MINTEQ International Inc. and Martin Marietta Magnesia Specialties Inc. are producers of monolithic refractory materials, which are used primarily in the steel industry to protect the interior of steel-making vessels from extremely high temperatures. The refractories business of Martin Marietta Magnesia Specialties Inc. recorded approximately $57 million in net sales in 2000. The refractories segment of Minerals Technologies Inc. reported 2,000 net sales of approximately $185 million.