Koppers Completes Sale of Denver Facility
Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc., an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today announced the closing of the sale of its facility in Denver, Colorado, to an affiliate of Hines, the international real estate firm, and EnviroFinance Group, a Denver-based brownfield redeveloper.
The property encompasses approximately 60 acres, located near Denver’s central business district as well as the Denver International Airport.
As part of its network optimization program, Koppers transitioned crosstie treatment activities from its Denver location to another production facility. Koppers completed cleaning, decommissioning, and demolition of its wood-treating operations at the Denver facility in early 2021.
Regarding the transaction, Executive Vice President and Chief Operating Officer James Sullivan said, “I’m pleased to report the completion of this transaction as it represents the latest measure in furthering our strategy to optimize our network and expand our market presence. As a result of this sale, we are well on our way to achieving the estimated cash proceeds of $30 million that’s embedded in our projected net capital expenditures of $80 million to $90 million for 2021.”
Koppers, with corporate headquarters in Pittsburgh, Pennsylvania, is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds. Our products and services are used in a variety of niche applications in a diverse range of end-markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber, and construction industries. We serve our customers through a comprehensive global manufacturing and distribution network, with facilities located in North America, South America, Australasia and Europe. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol “KOP.”
Michael J. Zugay – Chief Financial Officer – firstname.lastname@example.org – (412) 227-2231
Source: Koppers Holdings, Inc.