The Carlyle Group has announced that PQ Corporation, the specialty chemical company it acquired in July of 2007, has agreed to combine with INEOS Silicas, a division of INEOS. INEOS is a global manufacturer of petrochemicals, specialty chemicals and oil products. PQ Corporation and INEOS Silicas will combine to form a global producer of specialty inorganic chemicals, catalysts and engineered glass products with annual sales revenues exceeding US$1 bln. Carlyle will own 60% share, while INEOS will hold 40% stake in the new company.
The combined company, to be called PQ Corporation, will create a business with increased capabilities and market coverage to better serve customers in the inorganic specialty chemicals space. PQ will bring with it, unique benefits in terms of its people and its technology, incorporating some of the world's leading product and process innovation.