CHARLOTTE, N.C.--(BUSINESS WIRE)--Sibelco, a global leader in material solutions and the European leader in glass recycling, today announced the signing of a definitive agreement to acquire Strategic Materials, Inc. (SMI), a leading glass recycler and producer of glass cullet in North America.
SMI operates a multinational network across the United States, Canada and Mexico, where the group processes a mixture of glass input materials to produce glass cullet that is sold to various manufacturing segments, including glass containers, fiberglass insulation, highway bead, air blast abrasives and flat glass.
This entry into North American glass recycling represents an opportunity for Sibelco to:
- grow its circular business and expand its glass recycling leadership beyond Europe; and
- strengthen and grow its operating footprint in North America beyond High-Purity Quartz (HPQ) to develop a resilient, key mineral platform at scale.
With 42 plants and office locations and approximately 2 (two) million metric tonnes processed annually, SMI is a major glass recycler with a presence across North America.
Subject to receipt of U.S. regulatory clearances and the satisfaction of other customary closing conditions, the transaction is expected to close towards the end of Q2 2024 or early Q3 2024.
“We are excited that our offer to acquire SMI has been accepted. This transaction, once completed, will significantly strengthen and expand our operating footprint in North America with a resilient, key mineral platform at scale. The inclusion of a major glass recycler in North America into the Sibelco group will be an important step in the development of our activities in this segment outside of Europe, positioning Sibelco as a glass recycling leader in both Europe and North America. We see significant opportunity to develop the SMI business further, which should provide our customers with better access to quality products over time," said Hilmar Rode, CEO of Sibelco.
Commenting on the acquisition, Chris Dods, CEO of SMI said, “SMI could not have found a better match. Bringing together two long-standing glass recycling leaders from two different continents will elevate SMI’s operational capabilities and product offerings, ensuring continued longevity for our people, partners, and planet.”
About Sibelco
Sibelco is a global leader in material solutions. Sibelco mines, processes and sells specialty industrial minerals – particularly silica, clays, feldspathics and olivine – and is a leader in glass recycling. Sibelco’s solutions support the progress of modern life and serve industries as diverse as glass, ceramics, construction, coatings, polymers and water purification. The Sibelco Group has production facilities in more than 30 countries and a team of some 5,000 people.
Learn more at www.sibelco.com
About SMI
With a 125-year history, SMI is one of North America’s most comprehensive glass recyclers, with 42 locations in the United States, Canada, and Mexico. The company continues to be focused on passionate advocacy, operational excellence, and collaborative partnership. SMI is a trusted partner to cleaner, more efficient glass production, providing customers and suppliers with economical and environmentally viable recycled products and solutions.
Learn more at www.smi.com
Advisors
Sibelco is being represented by Lazard as lead financial advisor and by Latham & Watkins as lead legal counsel on this transaction, whereas SMI is being represented by Ankura Consulting Group as lead financial advisor and by Arnold & Porter as lead legal counsel.
