PQ Corp., a specialty chemical company owned by The Carlyle Group, has completed its acquisition of INEOS Silicas, a division of INEOS. No financial terms were disclosed, except that the combined company should have annual sale revenue in excess of $1 billion. Carlyle Group will hold around a 60% stake in the company, while INEOS will hold around 40 percent.
PQ Corporation announced today that it has completed its merger with INEOS Silicas. The merger was originally announced on October 11, 2007. The combination of the two companies forms a global producer of specialty inorganic chemicals, catalysts and engineered glass products with annual sales revenues in excess of US $1 billion. The merged company will continue to be known as PQ Corporation and will be headed by Mike Boyce, Chairman and Chief Executive Officer.
The Carlyle Group, a global private equity firm, acquired PQ last July. INEOS Silicas was previously a unit of INEOS, a global manufacturer of petrochemicals, specialty chemicals and oil products. Carlyle will own an approximately 60% share of the new combined company, while INEOS will hold the remaining approximately 40%. Terms of the transaction were not disclosed. The combined company has operations in 21 countries and employs over 2,700 people.
Mr. Boyce said, “We are pleased to welcome our new colleagues as we begin to position the new PQ in the marketplace. This combination allows us to quickly expand our global presence, giving us new opportunities for growth that will benefit our customers as we move forward.“
About PQ Corporation
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 over 2,700 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.