TREMONT ANNOUNCES THE SALE OF ITS BENTONITE MINING BUSINESS TO BAROID CORP.
DENVER, June 7 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) announced that it has entered into a letter of intent to sell its bentonite mining business, conducted by Bentonite Corp., to Baroid Corp. for $20 million in cash. The transaction is subject to, among other things, the negotiation and execution of definitive agreements, completion of due diligence, regulatory review, and approval by the boards of directors of both Baroid and Tremont. Tremont stated that entry into the letter of intent was approved by the members of a special committee of its board who have no relationship with Baroid. The transaction is expected to close by the end of June. Bentonite Corp. is the world's second-largest producer of Wyoming-type bentonite, an absorptive clay mined and processed for use in numerous commercial and industrial applications. Markets include sand binders for metal castings, permeability control for environmental and civil engineering applications, fluids used in drilling for oil and gas, and other specialty markets. Tremont Corp. is also a leading integrated producer of titanium metal products. -0- 6/7/93 /CONTACT: Mark A. Wallace, VP and Controller of Tremont Corp., 303-296-5651/ (TRE)
CO: Tremont Corp.; Baroid Corp. ST: Colorado IN: MNG SU: TNM
EH -- LA015 -- 5903 06/07/93 09:50 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 7, 1993|
|Previous Article:||DISEASE DETECTION INTERNATIONAL INC.COMPLETES $3.0 MILLION PRIVATE PLACEMENT|
|Next Article:||AGRIDYNE RECEIVES FOOD CROP REGISTRATION FROM THE EPA FOR ITS NEEM-BASED BIOINSECTICIDE|