JOHANNESBURG: AECI Ltd. has announced the sale of substantially all assets and certain liabilities of its U.S.-based subsidiary Schirm U.S.A., Inc. to Liberation Chem-Toll LLC, a newly formed Texas company backed by Schirm USA’s senior management.
The transaction marks a strategic move by AECI to streamline its operations and focus on its core mining and chemical businesses.
Under the terms of the agreement signed on July 17, Chem-Toll will acquire the assets for $60 million, comprising $40 million in cash and $20 million through two secured subordinated promissory notes.
The Buyer, not considered a related party under JSE Listings Requirements, includes Schirm USA executives Chad Kern, Cody Helm and Rebecca Rodgers. The deal is subject to various conditions and approvals, with a closing date expected shortly after all requirements are met.
Schirm USA operates chemical formulation, packaging and warehousing facilities in North Texas and Southern Illinois, serving industries such as agriculture and specialty chemicals. As of December 2024, the subsidiary held net assets of R994.5 million and recorded R9.4 million in annual profit.
AECI’s divestment forms part of a broader portfolio optimization strategy designed to enhance operational efficiency and concentrate resources on businesses with stronger synergy and growth potential. Proceeds from the sale will be used in accordance with AECI’s capital allocation framework.