6 July 2007
Koppers Holding Inc. today announced the sale of its 51 % ownership interest in Koppers Arch Investments Pty Ltd. (“Koppers Arch”) to Arch Chemicals, Inc. (NYSE:ARJ), its joint venture partner. Koppers Arch sells timber preservation chemicals and has operations in Australia, New Zealand, Southeast Asia and South Africa. Its products are primarily non-coal tar based chemicals, including copper arsenates (“CCA”) and light organic solvent preservatives (“LOSP”).
Revenues for Koppers Arch for 2006 net of inter-company sales amounted to $51.5 million, or 4% of 2006 sales, and net income amounted to $1.1 million net of inter-company transactions ($0.6 million after minority interest). The estimated selling price is approximately $19 million, which the company intends to use primarily for debt reduction. The selling price is subject to a post-closing working capital adjustment.
Walter W. Turner, President and CEO of Koppers, said, “We were pleased to complete this sale to our long-time partner Arch Chemicals and believe that the change in ownership will be beneficial to all parties including the customers and employees of the former joint venture.
Big Boost For Wood
A new government-backed program will give the New Zealand wood industry the opportunity to secure a greater share of public buildings.
New Zealand Forestry Minister Jim Anderton announced this week that within a year, new government-funded building projects for buildings up to four floors (including the ground floor) will have to commission designs and at least “consider options” for using wood or wood-based products as the main structural materials.
Although more than 90% of New Zealand homes are built in wood, the same is not true of commercial buildings – despite research showing wood is cheaper, produces less greenhouse gas emissions and - with the right design and technology - can meet all other sustainability measures, such as energy efficiency.
The decision, which we understand was strongly opposed by the concrete and steel lobby, has been welcomed from all quarters of the wood industry.
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