BOSTON—Cabot Corp. has entered into an agreement with Grupo Kuo S.A.B. de C.V. to buy the remaining 60 percent interest in its Mexican joint venture, NHUMO S.A. de C.V. for $105 million.
NHUMO is a leading carbon black producer in Mexico, and the company said the purchase will strengthen Cabot's overall carbon black business significantly.
The acquisition not only improves Cabot's base in North America, said Patrick Prevost, company president and CEO, "but solidifies our global leadership position in the carbon black industry."
Once Cabot receives approval from regulatory agencies and it closes the deal, the company will have 19 plants globally and capacity in excess of 2 million tons. The firm has owned about 40 percent of NHUMO since 1990.