Minerals Technologies Enters into Agreement with Glencore in South Africa
NEW YORK, NY, January 30, 2015-Minerals Technologies Inc. (NYSE: MTX) announced today that it has entered into agreement with Glencore in South Africa. Under the agreement, Glencore will supply chromite products from the Glencore-Merafe joint venture that will be exclusively distributed by Minerals Technologies in certain territories, including the Americas.
"The agreement with Glencore will add value to our customers worldwide, and result in a more sustainable chromite business for Minerals Technologies in the long term," said Joseph C. Muscari, chairman and chief executive officer. "This agreement will enable Minerals Technologies to offer more choice to customers when adding Glencore's manufactured chromite products, as part of our Hevi-sand portfolio."
Chromite sand is used in the manufacture of steel castings, refractory brick making and also in the steel production process. Typical end uses can be found in construction, energy, heavy engineering and railway applications. Minerals Technologies' Performance Materials business operates the chromite business in South Africa.
New York-based Minerals Technologies Inc. is a resource- and technology-based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, environmental, energy, polymer and consumer products industries. The company reported sales of $1.73 billion in 2014.
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For further information about Minerals Technologies Inc. look on the internet at http://www.mineralstech.com/
Contact:
Rick B. Honey
(212) 878-1831