Tata Chemicals Europe has secured a £150m finance package backed by Yorkshire Bank Corporate & Structured Finance. The funding will replace the company’s existing facilities including the debt package put in place to support its acquisition of British Salt in January. Yorkshire Bank is providing £30m as part of a banking consortium that also includes Standard Chartered, Credit Agricole, DBS Bank and ICICI Bank.
Tata Chemicals Europe, based in Northwich and formerly known as Brunner Mond, is one of Europe's leading producers of sodium carbonate or soda ash, which is used in the manufacture of glass, detergents and chemicals and other industry applications. The company also manufactures sodium bicarbonate for use in haemodialysis treatment and in the pharmaceutical and baking industries.
The company was acquired by Tata Chemicals in 2005 and in January 2011 it expanded its product portfolio by acquiring British Salt, the UK's leading manufacturer of pure dried vacuum salt products.
The Yorkshire Bank team was led by Peter Keighley, director with Corporate & Structured Finance in Manchester. He said: "We have been talking to Tata Chemicals for some time and are delighted to have the opportunity to join the banking group. Tata’s acquisition of British Salt offers strong benefits for both businesses and new opportunities with customers around the world. The funding package will provide ongoing support for the acquisition and help to finance its continuing growth.”