Key Developments: OM Group Inc (OMG.N)

OMG.N on New York Stock Exchange

31.50USD
1 Aug 2013
Price Change (% chg)

$0.63 (+2.04%)
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Latest Key Developments (Source: Significant Developments)

OM Group Inc Sees Prior FY 2013 EBITDA Guidance Toward Low End Of Prior Range
7:02am EDT 

OM Group Inc announced that for fiscal 2013, it expects adjusted EBITDA levels to trend toward the lower end of its original forecast of $120-140 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $130 million for fiscal 2013.  Full Article

OM Group Inc Completes Divestiture Of Ultra Pure Chemicals Business For $63 Million In Cash To KMG Chemicals, Inc
Monday, 3 Jun 2013 09:05am EDT 

OM Group Inc announced that it has completed the previously-announced divestiture of its Ultra Pure Chemicals (UPC) business to KMG Chemicals, Inc. The UPC business was included in the Company's Specialty Chemicals segment. OM Group received net cash consideration of approximately $63 million, including an amount for working capital, upon the closing of the transaction and used these proceeds to continue to pay down its outstanding debt.  Full Article

OM Group Inc Reaffirms FY 2013 EBITDA Guidance-Conference Call
Thursday, 2 May 2013 02:00pm EDT 

OM Group Inc reaffirmed fiscal 2013 EBITDA guidance of $120 million to $140 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $132 million for fiscal 2013.  Full Article

KMG Chemicals Inc Announces Acquisition Of OM Group Inc’s Ultra Pure Chemicals Business
Monday, 29 Apr 2013 09:00am EDT 

KMG Chemicals Inc announced that it has entered into a definitive agreement to acquire the Ultra Pure Chemicals subsidiaries of OM Group Inc located in the United States, England and Singapore, and has simultaneously offered to purchase OM Group`s Ultra Pure Chemicals subsidiary located in France. The combined acquisition would be for $60 million in cash, including working capital. The closing of the transaction is anticipated before the end of June 2013 upon the satisfaction of certain closing conditions. In association with this transaction, KMG has entered into an amendment to its credit facility with Wells Fargo Bank and Bank of America. The amendment increases the Company`s borrowing capacity from $60 million to $110 million. The amendment also includes an accordion feature that enables the expansion of the facility to $135 million to fund subsequent transactions with approval from the bank group. The amendment included adjustments to certain provisions, including the calculation of the fixed charge coverage ratio. The pricing matrix for the amended facility is slightly lower than the existing matrix.  Full Article

Lundin Mining Corp Announces Closing Of Acquisition Of Kokkola Cobalt Refinery From OM Group Inc
Friday, 29 Mar 2013 02:00pm EDT 

Lundin Mining Corp announced the closing of the previously announced acquisition of the Kokkola cobalt chemical refinery located in Finland and related sales and marketing business (collectively Kokkola) from OM Group Inc. As previously disclosed, Lundin Mining will hold an effective 24% ownership interest in the Kokkola joint venture, with Freeport-McMoRan Copper & Gold Inc. (Freeport) holding an effective 56% ownership interest and acting as operator of the joint venture, and La Generale des Carrieres et des Mines (Gecamines), the Congolese state mining company, holding a 20% interest. Lundin Mining and Freeport have funded the initial acquisition costs including working capital on a 30%/70% basis, which amounts will be repaid in full prior to any distributions. Additional attributable consideration remains payable over a period of three years, contingent upon the achievement of revenue-based performance targets.  Full Article

OM Group Inc Names David B. Knowles As President And Chief Operating Officer
Thursday, 21 Mar 2013 08:21am EDT 

OM Group Inc announced the appointment of David B. Knowles as President and Chief Operating Officer, effective April 8, 2013.  Full Article

OM Group Inc Issues FY 2013 Guidance; Comments On H2 2013 EBITDA Guidance-Conference Call
Tuesday, 19 Feb 2013 08:41am EST 

OM Group Inc announced that for fiscal 2013, due to the positive change in its profile following the expected sale of its Advanced Materials business, the Company provided a forecast of $120-140 million of adjusted EBITDA. Results are expected to strengthen in the second half of the year.  Full Article

OM Group Inc Announces Agreements To Exit Advanced Materials Business
Monday, 21 Jan 2013 06:00pm EST 

OM Group Inc announced a major step in its strategic evolution with the signing of definitive agreements to exit its Advanced Materials business. The transactions include the sale of the downstream portion of the business, including its cobalt refinery assets in Kokkola, Finland, to a joint venture to be held by Freeport-McMoRan Copper & Gold Inc., Lundin Mining Corporation and La Generale des Carrieres et des Mines (Gecamines), for total potential consideration of up to $435 million, comprised of initial cash consideration of $325 million and potential future payments of up to an additional $110 million based on the business achieving certain revenue targets over a period of three years. The sale is expected to close before the end of April 2013, subject to customary closing conditions and regulatory approvals. OM Group also announced that its Board of Directors has authorized the repurchase of up to $50 million of its common shares. The Company may utilize various methods to effect the repurchases, which may include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through 10b5-1 Plans. Any repurchases would be funded from cash on hand or borrowings under the Company's credit facilities.  Full Article

OM Group, Inc. Reaffirms FY 2012 Operating Profit Guidance
Thursday, 9 Aug 2012 07:30am EDT 

OM Group, Inc. announced that for the third quarter of 2012, it continues to expect lower operating profit due principally to European weakness and minimal rare-earth pricing benefits.  Full Article

OM Group, Inc. Bolsters Specialty Chemicals Segment With Acquisition Of Rahu Catalytics Limited
Wednesday, 4 Jan 2012 07:30am EST 

OM Group, Inc. announced that it has purchased Rahu Catalytics Limited, the developer of a unique iron-ligand based chemistry for use in environmentally friendly coatings, composites and inks from Unilever Ventures and Management. The transaction includes all related intellectual property rights and master patents, as well as all manufacturing and supply agreements. Terms of the transaction were not disclosed. Since its founding in 2006, Rahu Catalytics has focused on the need for solutions that incorporate more renewable materials and deliver performance at lower energy, water and waste costs in the coatings industry.  Full Article

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