Minerals Technologies Inc.

What they do

MTI describes itself as the world's largest producer of bentonite and a leading producer of calcium carbonate, with vertical integration from mine to market: it sources minerals from its reserves, processes them with proprietary technologies, and sells finished products to industrial and consumer customers. Operations are reported in two segments: Consumer & Specialties (53% of 2025 sales) and Engineered Solutions (47%). Consumer & Specialties includes Household & Personal Care (cat litter under the SIVO brand, personal care, edible oil and renewable fuel purification, animal health, agriculture) and Specialty Additives. Engineered Solutions includes High-Temperature Technologies (foundry, steel) and Environmental & Infrastructure (water treatment, building materials, infrastructure drilling).

Revenue drivers

• Consumer & Specialties — Largest segment at 53% of 2025 net sales; includes Household & Personal Care (cat litter, personal care, filtration media, animal health, agriculture) and Specialty Additives (paper and packaging, food and pharmaceuticals, sealants, paints and coatings). In Q2 2026 segment sales were $275 million, down 1% year over year.
• Engineered Solutions — 47% of 2025 net sales; High-Temperature Technologies serves foundry, steel and other high-temperature processing industries, and Environmental & Infrastructure serves water treatment, fluid management, building materials and remediation. Q2 2026 segment sales were $274 million, up 9% year over year, with a record 17.8% operating margin.
• High-Temperature Technologies — Product line within Engineered Solutions with $190 million of Q2 2026 sales, up 7% year over year, driven by higher sales to U.S. steel customers and foundry businesses in Asia. The company notes this line imports goods subject to U.S. tariffs.
• Environmental & Infrastructure — Product line within Engineered Solutions with $84 million of Q2 2026 sales, up 15% year over year, driven by building materials, large-scale project activity and infrastructure drilling.

Recent performance

2025 worldwide net sales were $2.1 billion, down 2% from 2024, and the company reported a net loss of $18.4 million, or $0.59 per diluted share, versus $167.1 million of net income and $5.17 per diluted share in 2024. The 2025 loss reflected a $215 million provision for a trust to resolve current and future talc-related claims tied to subsidiary BMI Oldco Inc., $19.6 million of related litigation expenses, and a $15.0 million restructuring and asset write-down charge. In Q2 2026, sales rose 4% to $548.4 million, but a $290 million increase to the talc reserve drove a reported operating loss of $220.3 million and a net loss of $183.6 million, or $5.90 per diluted share; excluding special items, earnings per share were $1.60, up 3%. First-half 2026 consolidated sales were $1.1 billion, up 7% year over year, with operating cash flow described as up significantly versus the prior year.

Strategy

Management says it is focused on expanding into faster-growing markets and geographies, strengthening leadership in existing markets, and introducing higher-value products. Stated 2026 priorities include growing global cat litter share and deploying lightweight litter and other new pet care products; increasing calcium carbonate sales into paper and packaging filling and coating applications; developing crystal engineering and new calcium carbonate products for paint, coating and packaging; expanding bleaching earth applications for edible oil and renewable fuels; growing retinol delivery technology for personal care; and expanding bentonite solutions for animal health and fabric care. In Engineered Solutions, priorities include penetrating bentonite-based foundry solutions in emerging markets and deploying value-added refractories formulations. Capital deployment is described as balanced among growth investment, shareholder returns, and debt reduction; the company repurchased $58.5 million of shares in 2025 under a $200 million buyback program and will host an Investor Day on September 22, 2026.

Risks

• Talc-related litigation and trust funding — MTI recorded a $215 million provision in 2025 and a further $290 million charge in Q2 2026 to fund a trust for current and future talc claims tied to subsidiary BMI Oldco Inc. and its Chapter 11 cases, and related litigation expenses continue to be incurred.
• Tariffs and trade policy — The company says U.S. tariffs and reciprocal measures affect imported goods, particularly in its High-Temperature Technologies product line, and that the scope, duration and any refunds remain uncertain.
• Cost inflation and pricing timing — Q2 2026 Consumer & Specialties operating income fell 21% excluding special items on unfavorable volume mix and higher energy, transportation and raw material costs not fully recovered in the quarter because of the timing of contractual pricing adjustments.
• Geopolitical and input cost pressure — MTI cites recent geopolitical events in the Middle East as causing higher energy prices and freight expenses, with mitigation options being pursued but future impacts uncertain.

Outlook

Management said Q2 2026 sales momentum keeps it on track for mid-single-digit full-year revenue growth, supported by growth initiatives and strong market conditions, and it expects pricing actions to restore margins in the back half of the year after inflation temporarily pressured Consumer & Specialties. The company reported more than $700 million of available liquidity and an adjusted net leverage ratio of 1.6x, and will host an Investor Day on September 22, 2026. Management notes it has made operational and supply-chain changes, used tariff exemptions, and raised prices where feasible, and says tariffs have not had a significant effect on financial results to date.