NEW YORK, July 26, 2021 (GLOBE NEWSWIRE) — Minerals Technologies Inc. (NYSE: MTX) announced today that it has reached a definitive agreement to acquire Normerica Inc., a leading supplier of premium pet care products in North America. The transaction has closed effective today.
Normerica, a privately held company, was established in 1992 and is headquartered in Toronto, Canada. Normerica has grown significantly since its inception, becoming a leading North American producer and supplier of branded and private label pet care products to a large customer base. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States. Normerica employs approximately 320 people and generated revenue of approximately $140 million in 2020.
“Normerica and its portfolio of branded and private label bentonite-based cat litter products fits perfectly with our North America cat litter business,” said Douglas T. Dietrich, MTI Chairman and Chief Executive Officer. “The combination is extremely complementary, both geographically and from a product portfolio and customer perspective. MTI is a leading vertically integrated packaged pet litter company globally, and this transaction broadens our customer base and adds strategic manufacturing locations in North America. We are excited about this combination and look forward to welcoming the Normerica team to MTI.”
John Kimmel, Normerica Founder and former CEO, added, “We are excited to join MTI’s global pet care business. MTI’s reputation for operational excellence, innovation, and service will preserve and strengthen Normerica’s growth trajectory and commitment to product development. Our products and technologies are excellent complements to MTI’s current cat litter business, and the ability to leverage MTI’s world-class innovation and broad geographical footprint will provide more opportunities for our products, customers, and employees in the future.”
MTI is financing the acquisition through a combination of cash on hand and its current credit facilities. The purchase of Normerica is expected to be accretive to MTI’s earnings per share in 2021. Normerica’s financial results will be reported in the Household, Personal Care & Specialty Products business within MTI’s Performance Materials segment.
MTI will provide additional details regarding the transaction on the Company’s second quarter earnings conference call on July 30, 2021 at 11:00 a.m. Eastern Time.
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a global resource- and technology-based company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The Company reported sales of $1.6 billion in 2020. For further information, please visit our website at www.mineralstech.com. (MTI-G)
About Normerica Inc.
Normerica, headquartered in Toronto, Canada, is a premium pet product manufacturer providing branded and private label products to a large customer base. The company operates four production and distribution facilities in North America, located in Brantford, Ontario (CA), Dyersburg, Tennessee (US), Lethbridge, Alberta (CA), and Phoenix, AZ (US). The company also operates a facility in Thailand for its pet treats product line. Normerica generated revenue of approximately $140 million in 2020. Please visit Normerica’s website at www.normericainc.com.