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CK Life inks deal to buy Cheetham
Source: Bloomberg News |
November 30, 2012, Friday
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Print Edition
Print Edition
BILLIONAIRE Li Ka-shing's CK Life Sciences International (Holdings) Inc agreed to buy Cheetham Salt Ltd for A$150 million (US$157 million), the Hong Kong-based biotechnology company said in a statement yesterday.
The agreement between CK Life unit Maehtech and the seller Ridley Corp excludes Cheetham's Dry Creek salt field in Adelaide, according to the statement. Proceeds from the sale, to be paid in cash, will be used to repay debt, Ridley said in a separate statement.
Buying Cheetham would give CK Life control of Australia's largest producer and refiner of solar salt, made from the natural evaporation of seawater, with an annual capacity of 1.4 million tons, according to Ridley's website. Ridley is a Melbourne-based stockfeed mill operator and salt producer.
The acquisition of "Cheetham will, after completion, bring to the group a strong recurrent cash flow, enlarged geographical coverage and product portfolio, a more diverse customer base and growth opportunities in Asian markets," CK Life said.
Cheetham also owns a refinery in Indonesia, a sales office in Japan and a joint venture in New Zealand called Dominion Salt Ltd, which is the country's largest producer and refiner of salt, according to its website.
The agreement between CK Life unit Maehtech and the seller Ridley Corp excludes Cheetham's Dry Creek salt field in Adelaide, according to the statement. Proceeds from the sale, to be paid in cash, will be used to repay debt, Ridley said in a separate statement.
Buying Cheetham would give CK Life control of Australia's largest producer and refiner of solar salt, made from the natural evaporation of seawater, with an annual capacity of 1.4 million tons, according to Ridley's website. Ridley is a Melbourne-based stockfeed mill operator and salt producer.
The acquisition of "Cheetham will, after completion, bring to the group a strong recurrent cash flow, enlarged geographical coverage and product portfolio, a more diverse customer base and growth opportunities in Asian markets," CK Life said.
Cheetham also owns a refinery in Indonesia, a sales office in Japan and a joint venture in New Zealand called Dominion Salt Ltd, which is the country's largest producer and refiner of salt, according to its website.
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