Cabot exits purification
Cabot has agreed to sell its Purification Solutions business, which makes activated carbon for a wide range of applications, to private equity firm One Equity Partners. President and CEO Sean Keohane said that this “will allow us to focus resources on our core business segments and invest in areas where we see strong future growth and innovation potential for Cabot, such as battery materials”.
The sale is valued at $111 million, allowing for potential closing adjustments. It should close in Q2 of fiscal 2022, subject to customary closing conditions and applicable works council consultations. Purification Solutions business generated $257 million in revenue last year. Cabot added that it expects to take a $155-165 million impairment charge in Q1 of fiscal 2022 in relation to the sale, but this does not impact its earnings outlook.