Minerals Technologies Inc. (MTI) and AMCOL International announced on March 10 the signing of a definitive merger agreement whereby MTI will acquire AMCOL for $45.75/share in cash, for a total value of about $1.7 billion. At the same time, Imerys confirmed that AMCOL had terminated a merger agreement dated February 11, whereby Imerys would have acquired all AMCOL shares for $41/share (E&MJ, March 2014, p. 4).


Following competing offers from MTI, Imerys subsequently increased its offer to $45.25/ share on March 4 but, after MTI’s $45.75/share offer, said it would not go higher, which “would not comply with its long-term value-creation objectives.” Pursuant to the terms of the terminated agreement, AMCOL remitted a $39 million termination fee to Imerys’ U.S. subsidiary.


“The combination of MTI and AMCOL will create a minerals platform that is well-positioned for growth through geographic expansion and new product innovation,” MTI Chairman and CEO Joseph C. Muscari said. “We will be a leading industrial minerals company with more than $2 billion in sales, strong market positions, and a dedicated team focused on customer needs. We look forward to welcoming AMCOL employees to MTI. Together, we will be better positioned to take advantage of even more opportunities for innovation and growth in the global minerals industry.” 


MTI is headquartered in New York City and mines and produces minerals-based products including ground calcium carbonate and talc. It is a leading supplier of precipitated calcium carbonate to the paper industry and a leading supplier of monolithic refractory materials.


AMCOL is headquartered in Hoffman Estates, Illinois, United States, and produces a wide range of specialty minerals and materials. The company has a presence in 26 countries and is a global leader in the production of bentonite. AMCOL also serves the oil and gas market through its Energy Services business.


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