Pittsburgh-based Koppers, a treated wood products, wood treatment chemicals, and carbon compounds provider, recently completed the sale of its Follansbee, W.Va., facility to Petro Empire Liquids and Storage for an undisclosed amount.
“I’m happy to report the completion of this transaction, which enables us to minimize our cash outlays associated with closing the Follansbee operation and redeploy it to grow shareholder value,” Koppers President and CEO Leroy Ball said. “This sale represents the latest action furthering our multi-year plan to streamline our operations and increase our focus on our businesses that play a greater role in building our global infrastructure.”
The sale is part of Koppers’ strategy to restructure and streamline the operating footprint of its Carbon Materials and Chemicals business.
In 2016, the company discontinued coal tar distillation processing at Follansbee. In 2018, after commissioning a naphthalene refining plant in Stickney, Ill., Koppers stopped naphthalene refining at Follansbee.
Koppers is a wholly-owned subsidiary of Koppers Holdings. Petro Empire Liquids and Storage is a wholly-owned subsidiary of Empire Diversified Energy.
Koppers products and services are used in a variety of industries, including construction, specialty chemical, aluminum, steel, railroad, residential lumber, agriculture, utilities, and
rubber.
It has facilities in North America, South America, Europe, and Australasia.