PITTSBURGH, Oct. 24, 2018 /PRNewswire/ -- Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc. (NYSE: KOP), announced today that it has completed the sale of its Clairton, Pennsylvania, facility to State Street Enterprises, LLC (State Street), a wholly-owned subsidiary of Commercial Liability Partners, LLC.
As part of Koppers previously announced strategy to restructure and streamline the operating footprint of its Carbon Materials and Chemicals (CMC) business, the company discontinued production at the Clairton facility in 2016.
Koppers has transferred all assets at its Clairton facility to State Street in exchange for State Street assuming certain historical and future obligations, including full responsibility for facility decommissioning, demolition and site restoration. In addition, Koppers made a modest cash contribution toward the work to be completed by State Street, which will be distributed to State Street over the next 18 to 24 months as performance milestones are achieved. In connection with the transaction, Koppers secured substantial financial assurances and insurance.
President and CEO Leroy M. Ball commented, "This transaction represents one more step towards achieving a sustained profitable operating model for our CMC business unit. With only a few actions remaining in our global restructuring plan, we expect that our future operating footprint will minimize our exposure to legacy liabilities in a cost-effective manner."
Koppers, with corporate headquarters in Pittsburgh, Pennsylvania, is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds. Our products and services are used in a variety of niche applications in a diverse range of end-markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber, and construction industries. Including our joint ventures, we serve our customers through a comprehensive global manufacturing and distribution network, with facilities located in North America, South America, Australasia, China and Europe. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol "KOP." For more information, visit our website at: www.koppers.com. Questions concerning investor relations should be directed to Ms. Quynh McGuire at 412 227 2049 or Mr. Michael Zugay at 412 227 2231.
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SOURCE Koppers Holdings Inc.