EX-99.(A).(5).(F) 2 d717463dex99a5f.htm EX-(A)(5)(F) EX-(a)(5)(F)

Exhibit (a)(5)(F)

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MINERALS TECHNOLOGIES Minerals Technologies Inc. First Quarter 2014 Conference Call


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MINERALS TECHNOLOGIES This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2013 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission. Also, this presentation will include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in our Current Report on Form 8-K dated April 24, 2014, and in our other reports filed with the Securities and Exchange Commission, available on our website at www.mineralstech.com in the “Investor Information — SEC Filings” section. NOTICE TO INVESTORS This presentation is neither an offer to purchase nor a solicitation of an offer to sell shares of AMCOL’s common stock. MTI has filed with the SEC a tender offer statement on Schedule TO regarding the tender offer described herein, and AMCOL has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9 regarding such tender offer. AMCOL’s stockholders are strongly advised to read these tender offer materials carefully and in their entirety, as they may be amended from time to time, because they contain important information about such tender offer that AMCOL’s stockholders should consider prior to making any decisions with respect to such tender offer. Stockholders of AMCOL may obtain a free copy of these documents at the website maintained by the SEC at www.sec.gov or by directing a request to the Information Agent at (888) 750-5834.


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MINERALS TECHNOLOGIES Joseph C. Muscari Chief Executive Officer


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MINERALS TECHNOLOGIES First Quarter Summary AMCOL Acquisition Close Pending Poland Antitrust Approval Integration Planning Underway EPS $0.58 vs. $0.55 in Q1 2013 Organic Growth Contribution Asia Growth Contribution from New Satellite Plants in India Four New Satellite Plants Under Construction in China Refractories EU and Middle East Growth Sales Up 12% North America Weather Impact


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MINERALS TECHNOLOGIES Quarterly EPS Trends 0.530.570.540.530.550.630.630.610.580.350.651Q2Q3Q4Q1Q2Q3Q4Q1Q The above table reflects the Company’s EPS, excluding special items, such as acquisition-related costs, restructuring, asset sales and impairment costs and related tax effects, for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the Company’s ongoing results and thereby affect comparability between periods. The Company believes these non-GAAP measures provide consistency in its financial reporting and facilitate investors’ understanding of historic operating trends. 2012 2013 2014


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MINERALS TECHNOLOGIES ?Paper PCC Geographic Expansion ?UPM Changshu China ?Four Satellites Under Construction in China ?Asia Sales Volume Growth of 10% ?India /Thailand Ramp-ups ?Two FulFill® E-325 Advancements ?Europe & North America ?Performance Minerals ?8% Sales Growth in Talc ?Refractories ?Operating Income up 33% Organic Growth Update


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MINERALS TECHNOLOGIES Active Discussions Agreement to Trial Equipment in Place Technology Validated Commercial Agreement Business Development activity in ~37 mills 14 37 Active Engagements Q1 2014 8 19 18 17 16 15 13 3 4 2 1 11 9 6 7 12 N. America Europe L. America Asia 20 10 5 23 21 24 25 26 27 28 31 32 33 34 35 22 29 30 36 37 fulfill ® E and V Series Deployment


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MINERALS TECHNOLOGIES ?Financing in Place ?SEC Review Complete ?US & Germany Antitrust Complete ?Poland Antitrust Approval Pending ?Integration Plans in Progress AMCOL Acquisition

Customer focused employees

Strong cash flows

Superior


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performance and operational excellence

MINERALS TECHNOLOGIES A $2bn minerals-based company with global reach based on: •Mine-to-market value chain management •Demonstrated process technology and innovation leadership •Broad and deep talent pool •Deeper geographic footprint •Significant end market overlap Allowing reinvestment in: •Further market penetration and geographic expansion, especially in Asia •Innovating customized technologies to satisfy future customer needs •Organic growth across all business segments …creating superior return for shareholders Minerals Technologies’ vision for the future Creates a Portfolio of $1 Billion Growth Opportunities


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MINERALS TECHNOLOGIES Unlocks more than $50 million of cost synergies and releases more than $100 million cash 10 DESCRIPTION RUN RATE ANNUAL SYNERGIES (Run Rate Year) Synergies GROWTH & OPERATIONAL EXCELLENCE •Acceleration of geographic expansion and new product development •Rapid deployment of MTI shared service business model •Productivity improvement throughout AMCOL operations •Corporate and overhead expense reduction •ERP deployment $50m in 2-3 years Up to $70m in 5 years Asset Efficiency NET WORKING CAPITAL IMPROVEMENTS •Reduction of Net Working Capital days outstanding Up to $100m (2014-2017) ASSET TURNOVER •Improvement in asset utilization and capital deployment Up to $50m (2014-2019)


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MINERALS TECHNOLOGIES •MTI and AMCOL are starting to work together to affect a smooth transition •Integration plan is focused on: •Employees •Customers •Suppliers •Business segment strategies •Achievement of targeted synergies •Assuring stability and continuity of: •Business processes •All operations •Key relationships •Investments Focused on Integration 11


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MINERALS TECHNOLOGIES Douglas T. Dietrich Chief Financial Officer


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MINERALS TECHNOLOGIES 1Q 141Q 13Sales244.4250.5Operating Income28.728.2% of Sales11.7%11.3%EPS0.580.55Performance Highlights ?EPS Growth of 5% ?Improved Performance in Europe ?Continued Growth in Asia ?Continued Productivity Gains in Performance Minerals and Refractories ?Overhead Expense Control ?North America Weather Impact ?Underlying Sales Flat—excluding FX and Weather Impact ?Return on Capital of 8.7% ?AMCOL Acquisition Costs—$0.13 per Share Other Financial Data $ in Millions (except EPS) The above table reflects the Company’s Operating Income and EPS, excluding special items, such as acquisition-related costs, restructuring, asset sales and impairment costs and related tax effects, for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the Company’s ongoing results and thereby affect comparability between periods. The Company believes these non-GAAP measures provide consistency in its financial reporting and facilitate investors’ understanding of historic operating trends. MTI Consolidated Results 1st Quarter Highlights


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MINERALS TECHNOLOGIES Profitability Change vs. Prior Year Sales & Operating Income % MTI Sales and Operating Income Q1 2013 11.3% Paper PCC (0.2%) Performance Minerals (0.2%) Refractories 0.8% Q1 2014 11.7% 25124411.7%11.3%050100150200250300Q1 2013Q1 2014Sales ($ Million)0%5%10%15%Operating Margin Sales Operating Margin


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MINERALS TECHNOLOGIES 1st Quarter Highlights 16016716816716016316516515816816817016720.119.320.420.823.325.226.024.021.522.720.916.923.30501001502001 Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4QSales51015202530Oper. IncomeSalesOper. Income Sales & Operating Income $ in Millions Sales/Op Income Highlights ?Contribution from New India Satellites ?Productivity Improvements in Performance Minerals ?Price Increases ?Cost & Expense Control ?Asia Volumes Up 10% ?Talc Sales Up 8% ?GCC West Sales Up 6% ?Paper Realignments (3%) ?Operating Income Down 8% ?Weather/Energy Costs (7%)—$1.7M ?Foreign Exchange (3%) ?Paper Realignments (5%) ?Paper PCC India Profit Up 38% ?Talc Profits Up 15% Performance Highlights 1Q 141Q 13Sales159.7166.9Operating Income21.523.3% of Sales13.5%14.0% The above table reflects the Specialty Minerals Segment’s Operating Income, excluding special items, such as restructuring, asset sales and impairment costs. for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the segment’s ongoing results and thereby affect comparability between periods. The Company believes these non-GAAP measures provide consistency in its financial reporting and facilitate investors’ understanding of historic operating trends. 2011 2012 2013 $ in Millions Specialty Minerals Segment 2014


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MINERALS TECHNOLOGIES Profitability Change vs. Prior Year Sales & Operating Income % Specialty Minerals Segment 16016714.0%13.5%050100150200Q1 2013Q1 2014Sales ($ Million)0%3%6%9%12%15%18%Operating MarginSalesOperating Margin Q1 2013 14.0% Price Increases 1.1% Productivity/Cost Improvements 0.6% Energy Costs/Weather (0.9%) Lime Cost Increases (0.8%) Paper Realignments (0.3%) Foreign Exchange (0.2%) Q1 2014 13.5%


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MINERALS TECHNOLOGIES 858987848889979192898685839.18.77.27.59.69.210.47.77.86.78.48.56.90204060801001201 Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QSales051015Oper. IncomeSalesOper. Income$ in Millions ?Underlying Sales Up 4% ?EU/Middle East Sales 12% Higher ?EU Metallurgical Wire Sales Up 22% ?NA Refractory Product Sales Down 5% ?Operating Income Up 33% ?EU/Middle East 70% Higher ?Metallurgical Wire Up 11% ?Weather 9% Negative Effect ?Margin Improvement of 31% ?Productivity Improvement 7% ?New SULB type/CPT Contract in UK Sales/Op Inc Highlights 1st Quarter Highlights Sales & Operating Income Performance Highlights 1Q 141Q 13Sales84.783.6Operating Income9.26.9% of Sales10.9%8.3% The above table reflects the Refractories Segment’s Operating Income, excluding special items, such as restructuring, asset sales and impairment costs, for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the segment’s ongoing results and thereby affect comparability between periods. The Company believes these non-GAAP measures provide consistency in its financial reporting and facilitate investors’ understanding of historic operating trends. 2012 Refractories Segment 2013 $ in Millions 2011 2014


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MINERALS TECHNOLOGIES 848510.9%8.3%050100Q1 2013Q1 2014Sales ($ Million)0%4%8%12%Operating MarginSalesOperating MarginProfitability Change vs. Prior Year Sales & Operating Income % Refractories Segment Q1 2013 8.3% Europe Refractory Product Sales 0.8% FX in Turkey 1.3% Wire Sales 0.3% Productivity Improvements and Expense Control 0.8% Weather (0.6%) Q1 2014 10.9%


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MINERALS TECHNOLOGIES 1621541511531591531511651661691662091921581541561651641711811558992195179184157155182170156165166174166 182185178173176177176174089908990938884899796878590817782921221061001201401601802002201Q2Q3Q4Q1Q 2Q 3Q 4Q 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QWorking Capital30507090110130150170190210230A/R and InventoryWorking CapitalAccounts ReceivableInventory2009201020112012201320132013201320148168595854575960575557565859556061865557555060708090 1Q2Q3Q4Q1Q 2Q3Q4Q 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QDays WC5060708090200920102011201220132014Working Capital Cash Flow from Operations 333441403525344041244015395324193836344540151514119101414991514810889995501020304050601Q2Q3Q4Q1Q 2Q 3Q 4Q 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QCash Flow051015202530CapexCash FlowCap Ex200920102011201220132014 Days Working Capital (wtd avg) $ in Millions $ in Millions Financial Performance Trends


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MINERALS TECHNOLOGIES ?Specialty Minerals ?Paper PCC ?Normal Paper Mill Maintenance Outages ?Performance Minerals ?Seasonally Strong Period ?Refractories ?Stable Outlook in European Steel Markets ?North America Steel Market Impact ?Iron Ore Shortages in Great Lakes ?AMCOL Transaction and Integration Business Outlook- Second Quarter 2014


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MINERALS TECHNOLOGIES