Imerys Talc Vermont, subsidiaries complete sale to Magris Resources

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Imerys Talc Vermont, subsidiaries complete sale to Magris Resources

Wed, 02/17/2021 - 4:57pm -- tim

Assets will operate under the name Magris Talc

Vermont Business Magazine Today, the North American Talc Subsidiaries of Imerys (Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada) announced the completion of the sale of substantially all of their assets to affiliates of Magris Resources Canada Inc. The US assets and related operations are now owned by Magris Talc USA, Inc. and the Canadian assets and related operations are now owned by Magris Talc Canada Inc.

The United States Bankruptcy Court for the District of Delaware (the "U.S. Court") approved the sale, which includes an agreement to assume certain Assumed Liabilities, on November 16, 2020 as part of the Debtors' ongoing Chapter 11 process. The Canadian court granted recognition of the sale on November 25, 2020.

Aaron Regent, Chairman & CEO of Magris, said, "We are delighted to announce the completion of the sale and the addition of Magris Talc to the Magris family. The assets that we have acquired are high-quality in nature and underpinned by a premier talent base and a strong culture of safety. We look forward to building Magris Talc and serving its blue-chip customer base for years to come."

"Magris Talc represents a strong complement to Magris' existing niobium business. The completion of this sale creates a powerful Americas focused industrial minerals platform, which we look forward to continue growing and scaling," said Matthew Fenton, CEO of Magris Talc and President & CFO of Magris.

Giorgio La Motta, President and General Manager, Magris Talc, said, "This is a significant milestone for us as the North American talc assets will now move forward under the ownership of Magris. The completion of this sale is a very positive step for all our stakeholders. I am particularly grateful to our employees for their dedication to working safely and diligently to produce and sell high quality talc to our clients throughout this process. We look forward to continuing to serve our customers well into the future."

More information about Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada's ongoing Chapter 11 process can be found at https://cases.primeclerk.com/imerystalc/.

A jury in Missouri July 2018 ordered Johnson & Johnson to pay $4.69 billion to 22 women who said asbestos in talc caused their ovarian cancer. The verdict is on appeal. Both Johnson & Johnson and its talc supplier Imerys say the claims are without merit.

Some of the talc in question was mined in Windsor, Vermont, until about 2013. Asbestos is a separate mineral which is sometimes found in talc deposits. Imerys maintains that their talc never contained asbestos.

SOURCE: ATLANTA, Feb. 17, 2021 /PRNewswire/ -- Imerys Talc America, Inc.