THE WHAT? The United States Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the assets belonging to the North American Talc Subsidiaries of Imerys to Magris Resources Canada.
THE DETAILS Under the terms of the deal, Magris will pay US$223 million as well as take on certain assumed liabilities. The transaction is subkect to regulatory approvals.
THE WHY? Imerys agreed to forfeit its North America units in order to settle the 14,000 cancer lawsuits it is embroiled in as supplier to Johnson & Johnson. Giorgio La Motta, President, Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada, said, “This is a major milestone in the North American Talc Subsidiaries’ path towards emergence from Chapter 11. We believe the outcome of this sale process maximizes value of the assets to the benefit of all parties. We look forward to working with Magris as we move towards closing, and remain committed to providing our customers with safe, high quality mineral products moving forward. Our leadership team would also like to extend our gratitude to Imerys Talc America’s employees for their hard work and focus throughout this process.”