PQ Group Holdings Inc., a leading integrated and innovative global provider of specialty catalysts and services, announced today that effective August 1, 2021, it has completed the sale of its Performance Chemicals business to a partnership established by Cerberus Capital Management, L.P. and Koch Minerals & Trading LLC for a purchase price of $1.1 billion.

 

The company plans to use the net cash proceeds from the sale to reduce its debt by approximately $525 million and return cash to shareholders through a special dividend of $3.20 per share, subject to final Board approval and declaration.

 

On August 2, 2021, PQ Group Holdings Inc. also changed its company name to Ecovyst Inc., a pure-play catalysts and services company with a sustainability focus and industry leading growth outlook. The new company will comprise two high-growth, high-margin businesses, Ecoservices and Catalyst Technologies, formerly Refining Services and Catalysts, respectively. Ecovyst common shares will continue trading on the New York Stock Exchange under the new ticker symbol, ECVT, with a new CUSIP number of 27923Q109, effective August 3, 2021.

 

“I am extremely proud of the team achieving a timely and efficient close of this transaction. Further, we are pleased to provide another meaningful return of capital to shareholders through a special dividend,” said Belgacem Chariag, PQ’s Chairman, President and Chief Executive Officer. “While our name is changing to Ecovyst, our culture and focus on innovation and customer collaboration will remain one of our greatest strengths. We are excited to move forward with Ecovyst’s strategic growth plans, prioritizing and accelerating our Growing and Greening initiatives, and putting sustainability for a safer, cleaner, healthier world at the forefront of our strategy.”