Management of Ciner plant may change hands

New management will be taking over the Ciner plant west of Green River if a proposed sale goes through.

On Monday, Ciner Enterprises agreed to sell a controlling interest in its Ciner Resources Corporation to Sisecam of Istanbul, Turkey. Ciner Resources Corp. owns a 72% limited partner interest in Ciner Resources LP, the soda ash plant west of Green River. It also has a 2% general partner interest and other incentive distribution rights. If completed, the sale means a change of control for Ciner Resources, according to a press release from Ciner Enterprises.

Sisecam is one of the largest publicly listed industrial companies in Turkey and is set to become one of the largest soda ash producers in the world through the sale. Sisecam is globally known for its glass and chemicals industries and initially partnered with Ciner in an American natural soda ash project in 2019. Sisecam will become a 60% shareholder in the Pacific Project, while also purchasing majority shares in the Atlantic Project and the Wyoming soda ash production facilities. Through this purchase Sisecam will take over management of the soda ash plant.

As a result of the agreement, Ciner and Sisecam plan to initiate a $4 billion investment plan in the US soda ash industry and Sisecam will increase soda ash production to an estimated 10 million metric tons. Sisecam also expects to become the largest natural soda ash producer in the US through additional capacity it plans to create by 2026. Currently, Sisecam is the eighth largest soda ash producer in the world and ranks second worldwide in glassware production. The company is amongst the top five worldwide in glass packaging and flat glass industries.

 

Reader Comments(0)

 
 
Rendered 06/15/2024 09:31