Soda Ash: Williams to sell Colorado Mining investment

Williams Cos. plans to sell its noncore interest in a soda ash and sodium bicarbonate mining operations in Colorado as part of its plan to increase financial flexibility.
In a press release on 23 Mar…

Williams Cos. plans to sell its noncore interest in a soda ash and sodium bicarbonate mining operations in Colorado as part of its plan to increase financial flexibility. In a press release on 23 March, Williams said it plans to start an auction of its majority interest in America Soda LLP, which produces about 1 million tons of soda ash and 150,000 tons of sodium bicarbonate annually. Williams placed a reserve on the price of the investment, but a company spokeswoman said the company isn“t disclosing what that lowest price is at this time. The spokeswoman also said the plant employs 140 workers and said the sale won“t be material to earnings. Williams hired Banc of America Securities LLC to advise on the auction process, which it expects to begin in mid-April and complete by the end of June. For the year ended 30 June 2001, Williams posted an operating net of US$ 1.47 a share, on revenue of US$ 263.8 million. The company currently employs 12,500 people.