Ciner Group has bought 75% of shares of OCI Resources LP, which hold 1% of shares of OCI Wyoming, world’s largest soda ash producer. Therefore both Ciner Group and Turkey have become World leaders in soda ash production.
Ciner Group bought the world's largest soda ash manufacturer. Park Holding, a Ciner Group company, Korean OCI Company became the owner of 75 percent shares of OCI Resources LP of Korean origin, its affiliate in North America. a subsidiary company in North America. Among the world's largest soda ash producers and including one of its biggest rival group in its structure, Ciner Group has become the world's biggest as a result of this purchase. This purchase, which will allow the group to have the largest share in soda ash production with 9 percent, will make both Ciner and Turkey a world leader in an industrial product. In the statement by OCI, it was stated that 73 percent of limited partnership shares and 2 percent general partner shares were transferred to Park Holding. Also, it was reported that the sale of shares did not include the public shares in OCI Resources LP.
LEADERSHIP PERFORMANCE
OC Resources OC LP, which has become a part of Ciner Group family, has 51% shares of Wyoming OCI, the world's largest and lowest-cost producer of natural soda ash. Turgay Ciner, the president of Ciner Group, said in a statement after the purchase, "we are pleased that OCI Resources participated in the Ciner Family. OCI Resources will contribute to us with its solid operational and financial performance as well as its leadership in the sector. Kirk Milling, the president and CEO of OCI Resources LP trading in The New York Stock Exchange, made the following us excitement. This initiative will make a significant contribution to the growth of our company. We believe that Ciner Group’s expertise will lead to the increase in company's cash flow." According to statements, the purchase will be completed following the approval of the authorities in the third quarter of this year. Citi Group is responsible for the purchase consultancy on behalf of OC, and the first statement in for the sale of shares in OCI Resources was made on June.
50 YEARS OF ACTIVITY, PRODUCTION LEADER in SODA
With a market value of 503 million dollars trading in New York Stock Exchange, OCI Resources LP had a turnover of 465 million dollars in 2014. Annual production of soda ash is 2.5 million tons. The most important asset of the company is OCI Wyoming LLC, shared by 51 percent, and the world's largest soda ash producer operating for 50 years. Atlanta-based OCI Enterprises, which sold 75 percent of OCI Resources to Ciner Group, the China Resources Group, conducts its production activities in the chemical and green energy. OCI Enterprises, conducting operations through its two companies. One is Atlanta-based OCI Cemical Corp., and the other is San Antonio-based OCI Energy LLC. The turnover of the group based in Seoul reached up to $ 3 billion in 2014. The company was elected the best-performing company in the Asia-Pacific region for 3 years in a row in Dow Sustainability Index. It also won the Green Company Certificate in Korea in 2010. With more than 4.800 employees, OCI has 20 overseas affiliations, and has regional units in Asia, Europe and the United States.
THE TARGET TO BE REACHED IN 2017
Ciner Group, is doing soda ash production through its subsidiary Eti Soda operating in Ankara Beypazarı since 1998. As soon as the investment made through Kazan Eti Soda Electric INC. enters into play, Ciner Group's total soda ash production with Eti Soda will increase to 4.3 million tons. Eti Soda's annual production is 1.6 million tons. When the investment is completed, Kazan Soda production is expected to be 2.7 million tons. OCI Resources LP with 2.5 million tons of soda ash production and Ciner Group’s total soda ash production will reach 6.8 million tons. Thus, Ciner will provide 9 percent of world’s soda ash production. Turkey and Ciner Group will be the world's largest soda ash manufacturer. With this purchase, the said target will be achieved in 2017.
SODA ASH, ONE OF THE MOST-DEMANDED ELEMENTS
* Natural soda ash is among the 10 most demanding elements in the world.
* It is especially used in the production of sodium bicarbonate that is used in glass, detergent and food.
* It has a critical importance because it is used in the treatment of in water, waste water and flue gas in environmentally friendly technologies.
