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Chemtrade Logistics Income Fund - Q1-2019 Earnings, Price Target

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Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America. Chemtrade is one of North America's largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams. The International segment that provides removal and marketing services for elemental sulphur and sulphuric acid was sold in Q2-2017 for $57.7M. On Mar-10-2017 Canexus Corp. was acquired for $953.6M. This increased total assets from $2.1B to $3B. Chemtrade reconfigured its business segments and introduced a new segment called Electrochemicals that includes the legacy sodium chlorate business and all of the newly acquired businesses. Chemicals produced are used in the petroleum, metal smelting, plastics, pulp and paper and water purification sectors. Revenues are primarily earned in US dollars; financial statements are denominated in Canadian currency.

Acquisitions

On Mar-10-2017, they acquired Canexus Corp. for $953.6M. This increased total assets from $2.1B to $3B. First quarter results for 2017 included three weeks of contribution from the acquired businesses, the second, third and fourth quarters included full quarters of contribution from the acquired businesses. Chemtrade reconfigured its business segments and introduced a new segment called Electrochemicals that includes the legacy sodium chlorate business and all of the newly acquired businesses.

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