GREEN RIVER, — According to a press release from Ciner, Ciner Enterprises Inc. (CEI), a wholly owned subsidiary of We Soda Ltd of London, UK, has signed a definitive agreement to sell 60 percent of Ciner Resources Corporation (CRC) to Şişecam Chemicals USA Inc., a wholly owned subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. of Istanbul, Turkey.
CRC owns an approximately 72 percent limited partner interest in Ciner Resources LP (NYSE: CINR) (“Ciner Resources” or the “Partnership”), as well as its 2 percent general partner interest and related incentive distribution rights, and so the sale of a controlling interest in CRC, if completed, will result in a change of control for Ciner Resources.
“Our employees and the community should not notice any change as the transaction closes. We will continue business as usual for the Big Island Mine and Refinery and look forward to a strong 2022,” Craig Rood Ciner Wyoming’s Director of Public Relations and Government Affairs said.
All of this is a way to put Turkish-origin global companies Şişecam and Ciner Group’s game-changing investment plan into action in the United States. According to a press release from Şişecam today, the partners will co-invest $4 billion in the US soda ash industry. With the planned investment, Şişecam will become one of the World’s largest soda ash producers.
Şişecam and Ciner Group have been development JV partners in the Pacific natural soda ash development project since 2019. As part of the new investment plan, Şişecam will become a 60 percent shareholder by acquiring an additional share in the Pacific Project, the Şişecam press release states. In addition, Şişecam will also purchase a 60 percent share in the Atlantic Project and Ciner Resources, the existing natural soda ash production facility of Ciner Group in Wyoming.
Prof. Ahmet Kırman, Chairman of Şişecam remarked that the investment, which is the largest investment made in the US by Turkish companies ever, is also one of the largest investments made abroad from Turkey.
“With these investments, Şişecam’s controlled soda ash production capacity will exceed 10 Million metric tonnes, comparing to the existing capacity of 2.5 Million metric tonnes today,” Prof. Kırman said in the press release. “The plan also includes the establishment of the largest soda ash production facility globally in a single location.”
For Şişecam’s entire press release, click here.
Şişecam is a global player in business lines including flat glass, glassware, glass packaging and glass fiber as well as soda ash and chromium chemicals. As of today, Şişecam ranks second worldwide in glassware production and among the top five producers of glass packaging and flat glass industries globally. Şişecam is also the World’s eighth largest soda producer as well as the global leader in chromium compounds.
Having production facilities in four continents and 14 countries, Şişecam is active in Turkey, Germany, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia-Herzegovina, the Russian Federation, Georgia, Ukraine, Egypt, India and the USA. The Company continues towards its goal of being among the top three players globally in all of its core business areas.