What is the origin story behind Minerals Technologies, and what is your purpose today?
Minerals Technologies originated from a spin-out of Pfizer Corporation in 1992, when Pfizer decided to focus more on pharmaceuticals and spun off its mineral-related businesses into what is now Minerals Technologies. Located in New York, near the old Pfizer headquarters, the company has evolved over the past 30 years. Initially serving the paper, packaging, and steel industries with essential minerals, it has since expanded through acquisitions and growth. The core of the company lies in two main minerals: bentonite, the world's largest producer of this clay-like mineral, and calcium carbonate, known for its specific, high-quality forms suitable even for pharmaceutical grades. Minerals Technologies stands out for its technological capabilities and application knowledge, allowing it to adapt and customize these minerals for various uses.
Can you provide specific examples of the applications of your minerals?
The company is divided into consumer and industrial segments, with four product lines: household and personal care, specialty additives, high temperature technologies, and environmental and infrastructure solutions. These segments leverage four core technologies, including crystal engineering, which allows for the synthetic growth of minerals like calcium carbonate to fit specific purposes. For example, large crystals are used in packaging to create stronger, lighter boxes that save on materials, while very small crystals are developed for use in non-dairy milk to keep calcium suspended without settling. Bentonite's surface can be modified to remove contaminants from water, showcasing the company's ability to innovate and apply chemistry for practical and beneficial outcomes.
Can you discuss your involvement with reducing CO2 emissions in industries?
Minerals Technologies has also made significant strides in the paper packaging industry, especially in Asia. By repurposing waste streams from the pulping process into the paper itself, the company has enabled considerable savings in emissions. This circular approach not only mitigates waste but also reduces the need for new raw materials, showcasing how their technologies can turn waste into valuable inputs for the same or different industries. This practice is also applied in the foundry and steel industries, where Minerals Technologies focuses on reusing waste streams, contributing to emission reductions and environmental sustainability.
Minerals Technologies has been proactive in addressing environmental challenges and sustainability, with initiatives in environmental cleanup and wastewater treatment, including the removal of forever chemicals. The company's processes in making precipitated calcium carbonate absorb CO2, sequestering over 1.2 million tons annually from our and our customers’ processes. This capability, combined with their expertise in crystal engineering, allows them to convert CO2 into functional minerals. Their solutions in high temperature processes, such as steelmaking, help reduce emissions, demonstrating a commitment to sustainability. Overall, 64% of the company's technology pipeline now includes sustainability-focused innovations, reflecting a significant shift towards greener practices.
What is driving your expansion into regions like China, India, and Brazil, and is there a market opportunity there?
The expansion into China, India, and Brazil is driven by the demand for our technologies and the opportunities presented by these markets. For example, in the United States, a significant portion of the foundry business uses a blend we produce, but in larger markets like China and India, the adoption rate is much lower, offering substantial growth potential. These regions have a strong demand for our system designs that enhance productivity, reduce energy consumption, and improve product quality to meet global standards. By introducing our technologies to these growing and sophisticated markets, we aim to replicate the success we've achieved in the United States and Europe, enhancing our global penetration and impact.
How does the move towards more localized production affect your business, and how does consumer behavior in markets like China or India differ from that in the US?
Localizing production provides stability and reliability to our customers, allowing for quicker adaptation and supply. However, the challenge lies in the fact that minerals are located in specific regions globally, which impacts the industry's response to a more localized or less globalized approach. The efficient use of resources is crucial, and understanding the essential nature of minerals is key to addressing concerns around deglobalization. It's important to recognize the significant role that minerals play in everything from manufacturing to everyday products, and their movement across borders is vital for meeting global needs sustainably and efficiently.
What keeps you up at night regarding the future of Minerals Technologies?
The current global volatility, including geopolitical tensions and the need for agile and diversified supply chains, presents challenges that require constant vigilance and adaptability. Despite these challenges, our company has developed resilience and the ability to navigate through unpredictable circumstances. The focus remains on preparing for future challenges and ensuring the team is equipped to respond to changes quickly and effectively, maintaining our commitment to innovation and sustainability in the face of uncertainty.
How could partnerships within the chemicals industry help alleviate public concerns about the impact on water and the environment?
Collaborative efforts are essential for addressing the challenges associated with forever chemicals and their removal from water supplies. Recognizing the necessity of certain chemicals for producing consumer goods, it's important to work together to mitigate emissions and their impacts effectively. These partnerships can bridge the gap between essential chemical use and environmental protection, ensuring that minerals and chemicals continue to serve critical roles in daily life while minimizing their environmental footprint.
What are you most excited about for the future of Minerals Technologies, and are there any new verticals you're looking to explore?
The environmental sector, particularly our ability to address water contamination and supply clean water, represents a significant growth opportunity and a way to contribute positively to global challenges.
Our efforts in carbon capture and sequestration also highlight our commitment to environmental sustainability and our role in tackling climate change.
These areas, alongside our ongoing innovations in mineral technologies, position us to meet the world's sustainability and environmental needs head-on, offering exciting prospects for future development and impact.
Why should Newsweek readers be interested in Minerals Technologies and its innovations?
Minerals Technologies plays a critical role in providing essential minerals for a wide range of consumer products, from personal care items to construction materials. Our focus on innovation has significantly reduced the time from ideation to commercialization, resulting in new products that account for a significant portion of our sales. With a strong emphasis on sustainability, we're addressing the demand for more sustainable and environmentally friendly solutions, making our innovations particularly relevant to consumers interested in the future of technology, sustainability, and how everyday products are made.
