Tenneco Will Sell Mineral Business
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HOUSTON — Tenneco Inc. said it will sell its mineral company to Belgium’s Solvay for $500 million, extending a multibillion-dollar restructuring.
Tenneco said it expects a $100-million after-tax gain on the cash sale, expected to close in June. The company will use proceeds to pay debt.
Tenneco’s stock jumped $4 to $43 on the New York Stock Exchange after the announcement.
Belgian chemicals group Solvay, the world’s biggest soda ash producer, will end up with Tenneco Minerals Co., which mines and processes trona ore to produce soda ash, caustic soda and sodium sulfite in Wyoming.
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