Polysilicon producer OCI Enterprises, A North American subsidiary of South Korea-based OCI Company has sold its 73% limited partner interest in OCI Resources along with 2% general partner interest and distribution rights to Turkey-based conglomerate Ciner Enterprises for around US$430 million.
OCI Resources will now change its name to Ciner Resources, effective from 5 November this year. Its publicly traded units are expected to begin trading the following day on the New York Stock Exchange. Its new ticker symbol will be CINR.
The general partner of OCI Resources will also change its name to Ciner Resource Partners and OCI Wyoming will change to Ciner Wyoming.
Turgay Ciner, chairman, Ciner Group , said: “Ciner Group is pleased to welcome OCI Resources to our family of companies. With its position in markets that are complementary to ours, OCI Resources brings solid operational and financial performance as well as industry-leading safety performance.”