Piper Jaffray Comments On Norit-ADA-ES Ruling For Calgon Carbon

According to Piper Jaffray, Calgon Carbon CCC competitive landscape is improved by Norit/ADA-ES ruling. Piper Jaffray reported that it views today's arbitration ruling in favor of Norit as an incremental positive for CCC and pricing in the mercury removal activated carbon market. “The ruling orders ADA-ES to pay $37.9 million in damages to Norit for a specific supply contract along with a royalty for the next 8 years on other contracts. We believe this ruling, if upheld, will hinder the competitive positioning of ADA-ES and may limit further capacity expansion. We are surprised that CCC shares did not respond more favorably to this news.” Calgon Carbon closed yesterday at $16.40.