Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today announced completion of the sale of its facility in Follansbee, West Virginia, to Petro Empire Liquids and Storage, LLC (Empire), a wholly-owned subsidiary of Empire Diversified Energy, Inc.
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 coal tar distillation processing at Follansbee in 2016. Subsequent to the commissioning of a new naphthalene refining plant in Stickney, Illinois, the company ceased naphthalene refining activities at Follansbee in late 2018.
Koppers has transferred all assets at the Follansbee facility to Empire in exchange for an undisclosed amount, plus the assumption by Empire of certain historical and future obligations and liabilities. In connection with the transaction, Koppers has secured substantial financial assurances and insurance.
Commenting on the sale, Koppers President and CEO Leroy Ball said, "I'm happy to report the completion of this transaction, which enables us to minimize our cash outlays associated with closing the Follansbee operation and redeploy it to grow shareholder value. This sale represents the latest action furthering our multi-year plan to streamline our operations and increase our focus on our businesses that play a greater role in building our global infrastructure."
About Koppers
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. We serve our customers through a comprehensive global manufacturing and distribution network, with facilities located in North America, South America, Australasia 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 us on the Web: www.koppers.com.
