Reuters: Private Equity: UPDATE 1-Cabot to buy Dutch company Norit for $1.1 bln

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UPDATE 1-Cabot to buy Dutch company Norit for $1.1 bln Jun 21st 2012, 11:33 Thu Jun 21, 2012 7:33am EDT June 21 (Reuters) - Chemicals maker Cabot Corp said it will buy activated carbon manufacturer Norit NV for $1.1 billion as it moves its focus to higher-m a rgin specialty chemicals. Cabot will buy Netherlands-based Norit from affiliates of British private equity f und D oughty Hanson & Co Managers Ltd and Du tch investment firm Eu roland Investments BV. N o rit was acquired by a group of investors led by Doughty Hanson in 2 007. "This acquisition supports the ongoing transformation of our portfolio to a higher margin, less cyclical, specialty chemicals focused company," Cabot Chief Executive Patrick Prevost said. Reuters reported in April that Norit, which had earlier announced plans for a U.S. initial public offering, was also exploring a sale of itself. A ctivated carbon is generally derived from charcoal and used in purification and filtration processes. N orit sold its Clean Process Technologies unit to Pentair Inc <P N R.N> f or 503 million eur o s l a st year. Cabot expects the Norit deal to add 20 to 25 cents per share t o its earnings, e xcluding one-time costs, i n 2013. Norit operates 10 plants throughout the Americas and Europe. I t h ad s ales of $360 million in 2 011. J.P. Morgan was Cabot's financial advis e r for the deal.

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