India, May 27 -- Elementis Plc (ELM.L) on Tuesday said that it has completed the sale of its Talc business to talc manufacturer IMI Fabi S.p.A for an enterprise value of $121 million, generating around $55 million in net cash proceeds.
The specialty chemicals company said that the sale follows a strategic review launched in August last year. All Talc-related sites, employees, assets, and liabilities will transfer to IMI Fabi and, after a short transition period, will begin operating under the Mondo Minerals and other IMI Fabi brands.
Elementis Plc said that the sale is an important step forward its transformation into a pure-play specialty chemicals company, focused on high-margin Coatings and Personal Care markets. The company added that...