Aug 19 2010
HEADWATERS INCORPORATED (NYSE: HW), a diversified building products company dedicated to improving sustainability by transforming underutilized resources into valuable products, today announced that it has completed the sale and transfer of all of its equity interest in Evonik Headwaters Korea Co., Ltd. (“EHKC”) to Evonik Degussa GmbH (“Evonik”). Headwaters and Evonik each owned a 50% equity interest in EHKC.
“We are pleased to complete this transaction with Evonik. They have been a very solid partner over the last few years,” said Kirk A. Benson, Chief Executive Officer. “Headwaters and Evonik continue to work together under a separate joint venture arrangement, developing a direct synthesis process for the production of hydrogen peroxide.”
“Headwaters has made steady progress in selling its non-core assets and reducing its debt,” added Steven G. Stewart, Headwaters Chief Financial Officer. “Our highest coupon debt has been reduced from $48 million to $19 million in the past six months. After closing on this transaction, we have approximately $65 million of cash on hand. We will continue to look for additional opportunities to sell non-core assets and reduce debt.”