INEOS and The Carlyle Group complete merger agreement
Chemicals supplier INEOS has completed the agreement to combine INEOS Silicas and The Carlyle Group’s PQ Corporation following clearance from the competition authorities.
Chemicals supplier INEOS has completed the agreement to combine INEOS Silicas and The Carlyle Group’s PQ Corporation following clearance from the competition authorities.
Under the new agreement, The Carlyle Group will hold a 60% share and INEOS Capital the remaining 40% of the new company, which will be called PQ Corporation.
The new company will be a global producer of speciality inorganic chemicals, catalysts and engineered glass products and is expected to have annual sales of around $1bn. Mike Boyce will assume responsibility as chairman and ceo.
“We are delighted to have concluded this agreement as it represents another important step for INEOS and the long-term development of the silicas business,” commented Andy Currie, director, INEOS Capital. “INEOS Silicas fits well within the PQ portfolio and provides greater geographical reach and presence to customers across a number of market sectors.”
