MTX sets $215M Chapter 11 reserve for talc claims; Q1 sales $492M below guidance

MINERALS TECHNOLOGIES INC

Established $215M reserve for BMI OldCo Chapter 11 to resolve talc claims; includes $30M DIP financing approved Apr 14.
Preliminary Q1 sales $492M vs guidance $500M; operating income $63M vs guidance $70M due to extended slow demand.
Sales improved in March to run rate above initial guidance; expects stronger Q2.
Initiated cost savings program targeting $10M annualized; recorded $5.5M restructuring charge in Q1.

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