India's Nirma to buy US-based natural soda ash producer for undisclosed sum

Indian soap and detergent maker Nirma Ltd said it is acquiring US natural soda ash producer Searles Valley Minerals for an undisclosed sum.

In a filing to the Bombay Stock Exchange, the company said it will buy Searles Valley from an affiliate of Sun Capital Partners Inc and other minority shareholders.

RJ Joshipara, vice president of finance at Nirma, said the company was not in a position to disclose financial details due to US regulations.

Nirma said its combined annual soda ash capacity will increase to over 2 mln tonnes, placing it among the top seven world producers of soda ash.

At 0800 GMT, Nirma shares were up 8 pct at 221 rupees, while the overall market was down 0.62 pct at 19,127.95 points.

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THE employment statistics and the bond market are combining to send out a warning that has been heard only rarely in the past two decades: A recession is coming in the United States.The two charts show the double warning. Both charts warned of an economic downturn before the 1990 and 2001 recessions, and they are doing so again.

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