Tata Steel's European arm Corus today said it has sold the Netherlands-based Cindu Chemicals, which it had jointly held with Cindu BV, to the Pittsburgh-headquartered Koppers International, a global producer of carbon compounds, for an undisclosed amount.
"Corus Staal and Cindu, shareholders in Cindu Chemicals, on March 1 sold their shares in Cindu Chemicals to Koppers International, a wholly-owned subsidiary of Koppers Holdings, for an undisclosed amount," the company said in an e-mailed statement from London.
Cindu Chemicals, a 50:50 joint venture between Cours Staal and Cindu, operates a 1,40,000mtpa tar distillation plant in Uithoom, the Netherlands.
"Tar processing is not a core activity for Corus and this transaction secures a future for the business outside the company while at the same time ensuring that the coal tar generated at the IJmuiden steelworks will be sold to a stable business partner under a long-term arrangement," the statement said.
