Court Approves Sale of Assets of North American Talc Subsidiaries of Imerys to Magris Resources

ATLANTA, Nov. 16, 2020 /PRNewswire/ -- Today, the North American Talc Subsidiaries of Imerys (Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada or, collectively, the "Debtors") announced that the United States Bankruptcy Court for the District of Delaware (the "U.S. Court") has approved the sale of substantially all of the Debtors' assets, plus an agreement to assume certain Assumed Liabilities, to Magris Resources Canada Inc. ("Magris").

Magris emerged as the successful bidder after having been selected as the stalking horse bidder by the Debtors on October 13, 2020. As previously disclosed, Magris will acquire substantially all of the Debtors' assets for a purchase price of US$223 million, plus the assumption of certain Assumed Liabilities. The transaction is subject to customary closing conditions and regulatory approvals, as well obtaining U.S. and Canadian court approval. The U.S. Court approved the Debtors' entry into the sale on November 16, 2020, following a hearing. A hearing to recognize the U.S. Court's ruling is scheduled before the Canadian court on November 25, 2020. After receiving Court approvals, the Debtors will promptly move to close the transaction, with a goal of closing by the first quarter of 2021.

Giorgio La Motta, President, Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada, said, "This is a major milestone in the North American Talc Subsidiaries' path towards emergence from Chapter 11. We believe the outcome of this sale process maximizes value of the assets to the benefit of all parties. We look forward to working with Magris as we move towards closing, and remain committed to providing our customers with safe, high quality mineral products moving forward. Our leadership team would also like to extend our gratitude to Imerys Talc America's employees for their hard work and focus throughout this process."

"We are excited to acquire the North American Talc Subsidiaries, which are underpinned by high-quality, long-life assets that produce a variety of talc products for blue-chip customers in diverse industrial end markets. We have been extremely impressed by the quality and safety culture of the operations and workforce, and look forward to partnering with the existing management team to continue to grow this business," said Aaron Regent, Chairman & CEO of Magris.

"We look forward to welcoming the North American Talc Subsidiaries to the Magris family. The combination of the North American Talc Subsidiaries and our existing niobium business in Canada represents a unique opportunity to realize meaningful synergies and create an industrial minerals platform that Magris can continue to invest in and scale," said Matthew Fenton, President & CFO of Magris.

About Imerys Talc America
Imerys Talc America is the leading talc producer on the American continent, with operations in Montana, and Texas. The company supplies premium-quality, talc-based solutions to a wide variety of industrial applications including paints, plastics, ceramics, rubber, paper, agriculture, adhesives and sealants, building products, cosmetics and pharmaceuticals.

About Imerys Talc Canada
Imerys Talc Canada is a leading talc producer on the American continent, with operations in Timmins and Penhorwood. The company supplies premium-quality, talc-based solutions to a wide variety of industrial applications including paints, plastics, ceramics, rubber, paper, agriculture, adhesives and sealants, building products, cosmetics and pharmaceuticals.

About Imerys Talc Vermont
Imerys Talc Vermont is the leading talc producer on the American continent, with operations in Ludlow, Vermont. The company supplies premium-quality, talc-based solutions to a wide variety of industrial applications including paints, plastics, ceramics, rubber, paper, agriculture, adhesives and sealants, building products, cosmetics and pharmaceuticals.

About Magris
Magris was founded in 2012 by Aaron Regent to acquire, develop and operate industrial minerals and mining assets on a global basis. Magris owns and operates Niobec, a Quebec-based producer of niobium, which is a critical element used in the production of high-strength, low-alloy steels.

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SOURCE Imerys Talc America