PQ Corp Agrees to Sell Performance Chemicals

PQ Group of Malvern, PA has entered into a definitive agreement to sell its Performance Chemicals business to a partnership established by Cerberus Capital Management LP of New York, NY for a purchase price of US$1.1 billion. The business, that produces silicate and zeolite products, generated adjusted EBITDA of US$170.9 million on sales of US$717.3 million in 2018.

At the end of 2020, PQ announced an agreement to sell its Performance Materials business, a producer of glass microspheres for transportation safety and electronics applications, to private equity firm, The Jordan Company of New York, NY, for US$650 million. The business generated US$363.0 million in revenue and US$76.7 million in adjusted EBITDA in 2019.

Volume 35, Issue 05

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