Timmins plant sold to Swiss company.
Swiss company INEOS has purchased Calabrian Holdings Corp., which is building a liquid sulphur dioxide manufacturing plant in Timmins.
INEOS announced on Aug. 2 it had acquired 100 per cent of the shares of Calabrian, which is headquartered in Texas.
Calabrian began construction of its Timmins plant in 2015, and is estimated to be complete by year's end. The Timmins facility is estimated to create 65 jobs: 45 jobs during the construction phase and 20 permanent jobs once the facility is complete.
Liquid sulphur dioxide is used to eliminate the cyanide used in gold production in a manner that doesn't harm the environment.
"We are very pleased to have acquired this modern production facility in Texas and look forward to the completion of the Canadian facility late this year," said INEOS CEO Ashley Reed in a release.
"The assets are ideally positioned to serve the North American market, with excellent cost position and logistical infrastructure. Additional synergies will be explored with our existing business in Europe."
Headquartered in Rolle, Switzerland, INEOS manufactures petrochemicals, specialty chemicals and oil products. It comprises 18 businesses with a production network that spans 65 sites in 16 countries around the world.
The purchase price of the transaction was not disclosed.
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|Publication:||Northern Ontario Business|
|Date:||Oct 1, 2016|
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