CALGARY—TransCanada Corp. said it has closed the sale of its Cancarb Ltd. operating unit and a waste-heat recovery power plant to Tokai Carbon Co., Ltd.
The Calgary-based company first announced the $190-million sale in January.
Cancarb is the world’s largest producer of thermal carbon black, a specialized form of carbon derived from super-heated natural gas, which is used in a variety of industrial and automotive products including high-grade rubber, insulation and ceramics.
TransCanada acquired Cancarb in 1981 and added the 41-megawatt Medicine Hat, Alta., power plant in 2001.
The plant captures large volumes of waste heat from the manufacturing process to produce electricity that is sold into the local electrical grid.
Headquartered in Tokyo, Tokai is an international supplier of furnace carbon black and other carbon ceramic-related products.
It operates five plants in three countries—Japan, China and Thailand—that produce furnace carbon black to the tune of more than 500,000 tonnes annually.
TransCanada expects to realize an after-tax gain of approximately $95-million from the sale.