Cabot says that the acquisition strengthens its specialty chemicals portfolio with a non-cyclical, high growth and high margin business.
“This acquisition supports the ongoing transformation of our portfolio to a higher margin, less cyclical, specialty chemicals focused company,” said Cabot president and CEO Patrick Prevost. “The acquisition of Norit is a natural extension of our core R&D and applications development competencies.”
Norit had sales of US$360 million and adjusted EBITDA of US$92 million for the trailing twelve months ended 31 December 2011. The Norit business has grown 12% annually since 2007.
Earlier this year, Norit filed a registration statement with the United States Securities and Exchange Commission for a proposed initial public offering of its ordinary shares.
Norit’s current CEO Ronald Thompson will continue to lead the business.
Headquartered in Boston, Massachusetts, Cabot is a global specialty chemicals and performance materials company. Cabot’s major products are carbon black, fumed silica, cesium formate drilling fluids, inkjet colourants and aerogels.