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Koppers (Jiangsu) Carbon Chemical Co. Ltd.'s Sale of Joint Venture Interest

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Insight

Koppers (Jiangsu) Carbon Chemical Co. Ltd.'s Sale of Joint Venture Interest

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September 30, 2020

Winston & Strawn LLP represented Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, in the sale of its Koppers (Jiangsu) Carbon Chemical Co. Ltd. (KJCC) joint venture interest to Fangda Carbon New Material Co., Ltd. and C-Chem Co., Ltd., a subsidiary of NIPPON STEEL Chemical & Material Co., Ltd. KJCC is a tar distillation facility located in Pizhou City, Jiangsu Province, China, and was 75% owned by a Koppers affiliate with the remaining 25% owned by Yizhou Group Co. Ltd. (Yizhou). In connection with the transaction, KJCC reached agreement with its largest customer in China to resolve the previously disclosed contractual dispute related to application of contractual pricing terms. The settlement of the dispute became effective upon the closing of the transaction. The total purchase price was US$107M, excluding working capital adjustments. Koppers realized approximately US$65M of net cash, after taxes and expenses, and has applied the proceeds toward debt reduction.

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