Koppers Holdings Inc. said Tuesday that it has purchased Cindu Chemicals, a move that will give the producer of carbon compounds and treated wood products a stronger presence in Europe and enhance its ability to serve export markets.
Koppers bought the Dutch chemical maker from Cindu BV and Corus Staal BV. The purchase price was not disclosed.
Koppers also said it signed a long-term tar supply contract with Corus Staal, which supplies raw materials for a Cindu plant in the Uithoorn, Netherlands, that Koppers has acquired as part of the deal.
Cindu, which had 2008 sales of about 50 million euros ($67.8 million), also has storage tanks at the Port of Amsterdam. Koppers paid for Cindu primarily with cash on hand in Europe.
Cindu's operations and markets are similar to those of other Koppers plants within its carbon materials and chemicals business unit. Primary products include carbon pitch, naphthalene, carbon black feed stock and specialty products and coatings used in the aluminum, rubber and construction industries.
Koppers shares rose 80 cents, or nearly 3 percent, to $29.11 in trading Tuesday afternoon.