United States Lime & Minerals (USLM) purchased Oklahoma-based dolomite business Mill Creek Dolomite from Inter-Rock Minerals for a reported $6.4 million.
That purchase price excludes Mill Creek debt and accrued interest, which was repaid at closing of the deal on Wednesday. After the repayment and initial working capital adjustments, Inter-Rock received $3.53 million.
Mill Creek’s primary dolomite markets include glass, roofing materials and aglime. The business accounted for 7 percent of Inter-Rock’s consolidated revenue in 2020 and 6 percent in the first nine months of 2021.
According to Inter-Rock, the company’s best interest is to focus on the animal feed nutritional supplement market. With the sale of Mill Creek, Inter-Rock’s businesses are now exclusively focused on providing animal feed supplements, primarily to the U.S. dairy industry.
