Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc., has completed the sale of its Clairton, Pennsylvania, facility to State Street Enterprises, LLC (State Street), a wholly-owned subsidiary of Commercial Liability Partners, LLC.
Koppers has transferred all assets at its Clairton facility to State Street in exchange for State Street assuming certain historical and future obligations, including full responsibility for facility decommissioning, demolition and site restoration.
In addition, Koppers made a modest cash contribution toward the work to be completed by State Street, which will be distributed to State Street over the next 18 to 24 months as performance milestones are achieved. In connection with the transaction, Koppers secured substantial financial assurances and insurance.
President and CEO Leroy M. Ball commented, "This transaction represents one more step towards achieving a sustained profitable operating model for our CMC business unit. With only a few actions remaining in our global restructuring plan, we expect that our future operating footprint will minimize our exposure to legacy liabilities in a cost-effective manner."
Koppers is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds.
