Welcome to our dedicated page for Cabot news (Ticker: CBT), a resource for investors and traders seeking the latest updates and insights on Cabot stock.
Cabot Corporation reports developments as a global specialty chemicals and performance materials company serving tire, industrial, battery, coatings, inkjet and advanced-materials markets. Its recurring updates focus on the Reinforcement Materials segment, which supplies reinforcing carbon products for tires and industrial rubber applications, and the Performance Chemicals segment, which includes specialty carbons, specialty compounds, fumed metal oxides, battery materials, inkjet colorants and aerogel.
Company news also covers quarterly operating results, segment EBIT trends, common stock dividends, supply agreements for lithium-ion battery applications, and manufacturing footprint actions. Cabot’s completed acquisition of Mexico Carbon Manufacturing expanded its reinforcing carbon capacity, while EVOLVE Sustainable Solutions updates describe circular reinforcing carbon production capabilities in major regions.
Cabot Corporation (NYSE: CBT) hosted its 2021 Investor Day in Boston, presenting its new growth strategy titled Creating for Tomorrow. Key focuses include investing in advanced growth, innovation, and optimization. The company anticipates generating over $1 billion in discretionary free cash flow over the next three years. The three-year financial targets involve an adjusted EPS CAGR of 8-12% and promising growth in its Reinforcement Materials and Performance Chemicals segments. The strategy aims to elevate shareholder value through sustainable practices and operational excellence.
Cabot Corporation (NYSE: CBT) has signed a Memorandum of Understanding (MOU) with IFF Health and Biosciences to develop and commercialize sustainable reinforcing additives for rubber products. This collaboration aims to reduce greenhouse gas emissions and increase renewable bio-based content in rubber applications. Utilizing IFF’s Nuvolve™ engineered polysaccharide, developed from European sugar beets, Cabot will lead the project, integrating it with its reinforcing carbons. This partnership aligns with Cabot's commitment to sustainability and innovation in the rubber industry.
One Equity Partners has signed an agreement to acquire Norit Activated Carbon from Cabot Corporation (NYSE: CBT). Norit specializes in activated carbon products used across various sectors including renewable energy, pharmaceuticals, and water treatment. With operations in North America and Europe, the global activated carbon market is projected to grow at a CAGR of ~9%, driven by rising regulatory standards. The acquisition aims to enhance Norit's growth through geographic expansion and innovation, with closure expected by the end of Q1 2022.
Cabot Corporation (NYSE: CBT) has signed an agreement to sell its Purification Solutions business to One Equity Partners for approximately $111 million, subject to adjustments. This segment generated $257 million in revenue in fiscal 2021. The deal, expected to close in the second fiscal quarter of 2022, will lead to a pre-tax impairment charge between $155 million and $165 million. The net cash proceeds are anticipated to be around $80 million. Despite this, Cabot's adjusted EPS outlook for fiscal 2022 remains unchanged at $5.20-$5.60.
Cabot Corporation (NYSE: CBT) has announced its definitive agreement to acquire Tokai Carbon (Tianjin) Co., Ltd. for $9 million, aimed at bolstering its Battery Materials product line. The acquisition will allow Cabot to leverage Tokai's existing facility in Tianjin, which produces up to 50,000 metric tons of carbon black annually. This move is strategically aligned with the growing demand for lithium-ion batteries, enhancing production capabilities for advanced battery-grade materials.
On November 12, 2021, Cabot Corporation (NYSE: CBT) announced a quarterly dividend of $0.37 per share, marking a 6% increase from the previous dividend. This dividend will be payable on December 10, 2021, to stockholders of record by the close of business on November 26, 2021. The annualized dividend rate now stands at $1.48 per share, an increase from $1.40. Cabot's consistent dividend payments for over 50 years underscore its commitment to providing shareholder value.
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Cabot Corporation (NYSE: CBT) reported a strong fiscal 2021, achieving a GAAP EPS of $4.34 and record Adjusted EPS of $5.02. Key drivers included Reinforcement Materials EBIT of $329 million and Performance Chemicals EBIT of $211 million. Fourth quarter results showed net sales of $904 million, a significant increase from $659 million YoY. The company experienced solid growth in all segments, notably doubling Battery Materials revenue. Liquidity remains robust at $1.3 billion, with a Net Debt to EBITDA ratio declining to 1.6 times. Looking ahead, Cabot anticipates strong end-market demand and adjusted EPS of $5.20 to $5.60 for fiscal 2022.
Cabot Corporation (NYSE: CBT) has launched the VULCAN® 3-LP carbon black, enhancing its Cabot LP carbon black series for rubber applications. This low polycyclic aromatic hydrocarbon (PAH) product meets stringent regulatory standards, making it suitable for consumer rubber goods and food contact items. The VULCAN 3-LP carbon black is designed for increased strength and resistance in rubber products, showcasing Cabot's commitment to innovation and regulatory compliance. This addition provides clients with flexible options that adhere to evolving safety standards.
Cognizant (Nasdaq: CTSH) has partnered with Cabot Corporation (NYSE: CBT) to revamp Cabot's digital operating model. This collaboration will see Cognizant providing managed services in Application Development, Maintenance, and Infrastructure. The initiative aims to enhance Cabot's efficiency and drive its digital strategy, utilizing technologies such as AI, automation, and cloud services. Cabot’s Vice President emphasized Cognizant's strong reputation and capability in delivering transformational programs, which are essential for achieving their strategic growth goals.