INEOS and The Carlyle Group agree to combine INEOS Silicas and PQ Corporation

16-Oct-2007

INEOS has announced that it has reached an agreement in which the PQ Corporation, the speciality chemical company acquired in July 2007 by The Carlyle Group, will combine with INEOS Silicas. Under the terms of the proposed agreement, The Carlyle Group will have an approximate 60% share and INEOS approximately 40%. The financial terms are not disclosed.

The combined business will become a global producer of speciality inorganic chemicals, catalysts, and engineered glass products with annual sales revenue of US$1 billion. Andy Currie, Director of INEOS Capital, who will serve as a Director on the Board of the new company, said, "This is a well-timed next step in the development of INEOS Silicas. Operating under single ownership presents both businesses and their customers with new opportunities. PQ brings with it unique benefits in terms of its people and its technology, incorporating some of the world's leading product and process innovation."

The combined company will be called PQ Corporation. Mike Boyce, Chairman and Chief Executive Officer of PQ, will serve in that same capacity following the close of the transaction. "Our strategy at PQ has and will continue to be profitable growth of our business," Boyce said. "A combination with INEOS Silicas offers an immediate way to achieve an enhanced global presence, which will result in a greater ability to meet and exceed our customers' expectations. Additionally, the size and growth profile of this new company will allow for better access to capital for future investments in growth opportunities."

Completion of the transaction is subject to approval by the regulatory authorities.

https://www.chemeurope.com/en/news/72024/ineos-and-the-carlyle-group-agree-to-combine-ineos-silicas-and-pq-corporation.html