PQG - PQ Group divests its Performance Materials business for $650M

PQ Group Holdings (PQG) to sell its Performance Materials business for $650M to an affiliate of The Jordan Company, L.P., a U.S. middle-market private equity firm. “The planned sale of Performance Materials at an attractive valuation marks a significant milestone on our ‘Simpler and Stronger’ strategic path, as we target a portfolio reflecting both higher top-line growth and higher margins,” said Belgacem Chariag, PQ’s Chairman, President and Chief Executive Officer. The company expects to use sales proceeds along with a portion of existing cash balances, to reduce debt by ~$460M while also allocating up to $250M, or $1.84/share, to a planned special dividend to shareholders, subject to board approval and declaration. The sale is anticipated to close by the end of 2020.

For further details see:

PQ Group divests its Performance Materials business for $650M