Calgon Carbon Sells Charcoal Business

Calgon Carbon Corp. (CCC) announced that it has completed the sale of the assets of its premium charcoal and derivatives business to local management and an investor group located in the northern part of Germany. Based on a foreign exchange rate of 1.19 dollars per euro, the purchase price consisted of $19.1 million in cash and is subject to a potential working capital adjustment. An additional $5.0 million could be paid contingent upon the business meeting certain earnings targets over the next three years. [ more ]