recent Nickel Divestiture
OM Group Completes Divestiture of Nickel Business
On March 1, 2007, OM Group, Inc. announced that it has completed the previously announced sale of its nickel assets to OJSC MMC Norilsk Nickel for $408 million in cash. On that date, teh company also entered into five-year supply agreements with Norilsk's trading subsidiary that will cost effectively diversify and shorten OM Group's supply chain and secure consistent raw materials for its Specialties business.
Company to Focus on Diversified Specialty Chemicals and Advanced Materials
"Through this transaction, we achieve three critical objectives in OM Group's strategic transformation: to focus on developing and producing value-added specialty products for customers that serve dynamic markets; to lessen the impact of metal price volatility on our bottom line; and to support our aggressive growth plans. We are taking an important step to ensure more predictable, sustainable financial results and long-term value for our shareholders."
Joseph M. Scaminace
OM Group Chairman and Chief Executive Officer
March 1, 2007
