Unifrax in its Acquisition of a Stake in Shandong Luyang
April 29, 2014
Cleary Gottlieb is representing Unifrax I LLC in its acquisition of a 29.0% stake in Shandong Luyang Share Co. Ltd. for approximately $116 million (RMB719 million), in cash, from an existing shareholder controlled by the local government. The transaction agreements were executed on April 4 and the closing is expected to take place in the fourth quarter of 2014, subject to the approval of shareholders of Luyang and Chinese regulators.
Unifrax I LLC, a portfolio company wholly owned by American Securities LLC, is a leading global supplier of specialty fiber products in high-temperature industrial, automotive and fire protection applications. Luyang, a publicly traded company on the China A-share market, is a leading refractory and insulation material manufacturer in China.