INEOS and The Carlyle Group completes the agreement to combine INEOS Silicas and PQ Corporation
Following clearance by the competition authorities, INEOS has completed the agreement to combine INEOS Silicas and PQ Corporation, the speciality chemical company owned by The Carlyle Group. The Carlyle Group will hold a 60% share and INEOS Capital the remaining 40% of the new company.
The new company is to be called PQ Corporation. It will be a global producer of speciality inorganic chemicals, catalysts, and engineered glass products and is expected to have annual sales of around US$1 billion. Mike Boyce, will assume responsibility as Chairman and Chief Executive Officer.
Today’s announcement follows an agreement made between the two companies on the 11th October 2007. Operating under single ownership presents both businesses with new opportunities for innovation and growth that will provide significant customer benefit.
INEOS and The Carlyle Group will now begin the process of integrating the businesses into the new PQ Corporation.
“We are delighted to have the concluded this agreement as it represents another important step for INEOS and the long-term development of the Silicas business,” said Andy Currie Director of INEOS Capital “INEOS Silicas business fits well within The PQ portfolio and provides greater geographical reach and presence to customers across a number of market sectors.”
Terms of the transaction were not disclosed
For further information contact:
Richard Longden – INEOS - Tel: +44 (0) 2380 287037
Note to editors:
INEOS is the world’s third largest chemicals company and a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 18 businesses, with a production network spanning 76 manufacturing facilities in 20 countries, the company produces more than 32 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels). INEOS employs 17,000 people and has sales of around $44bn.
The new PQ Corporation (www.pqcorp.com) is a leading producer of specialty inorganic chemicals, catalysts, and engineered glass products, with annual sales revenues in excess of US $1 billion. The Company conducts operations through three principal businesses: the Performance Chemicals division, which develops, manufactures and sells high performance silicate-based specialty chemicals, the Catalyst division, a leading producer of high performance catalytic Zeolites and Zeolite-based catalysts and polyolefin catalysts and the Potters division, which manufactures and sells highly engineered solid and hollow glass spheres. The Company's products are used in a variety of applications in a diverse range of industrial, consumer and governmental end-markets. The Company employs more than 2,750 people across 69 manufacturing sites in 21 countries on five continents and has one of the most comprehensive global manufacturing and distribution networks serving customers in the Company's end-markets. PQ Corporation was acquired by the Carlyle Group in July of 2007.