PPG reaches agreement to sell silicas products business to QEMETICA
PITTSBURGH --PPG (NYSE: PPG), a global leader in paints, coatings, and specialty materials, today announced that it has reached a definitive agreement to sell its silicas products business for approximately $310 million in pre-tax proceeds to QEMETICA S.A., a Warsaw, Poland-based, privately held manufacturer of soda ash, silicates and other specialty chemicals. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. The transaction is the result of PPG’s evaluation of strategic alternatives for the business, which was first announced on January 9, 2024. Morgan Stanley & Co. LLC acted as PPG’s financial advisor and Hogan Lovells served as its legal advisor.
PPG’s silicas products business manufactures and supplies precipitated silica products to major companies around the world as performance-enhancing additives. In 2023, the silica products business represented between 1-2% of PPG’s total net sales. The transaction includes PPG’s precipitated silicas manufacturing facilities in Lake Charles, Louisiana, and Delfzijl, The Netherlands. In addition, QEMETICA will lease silicas manufacturing and research and development operations at PPG sites in Barberton, Ohio and Monroeville, Pennsylvania, respectively. The silicas products business is led by about 400 employees.
PPG Chairman and Chief Executive Officer, Tim Knavish, said, “After conducting an extensive strategic review process, we are pleased to reach an agreement with QEMETICA and believe it is well positioned to lead the silicas products business forward. This transaction will allow us to further focus our resources on our technology-differentiated coatings and specialty products businesses to accelerate our organic growth and drive increased shareholder value creation. I want to thank the silicas products business employees for their dedication and commitment throughout the years to deliver the quality products and services that meet our customers’ evolving needs.”
QEMETICA ranks as a leading chemical manufacturer in Central Europe, boasting top-tier European production capacity in soda ash, vacuum salt, and silicates. The company's growth strategy focuses on building a global presence through strategic acquisitions and expansion of operations beyond Europe, aiming to diversify its portfolio and tap into new markets.
PPG: WE PROTECT AND BEAUTIFY THE WORLD®
At PPG (NYSE: PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $18.2 billion in 2023. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Categories
Chemical substances
Countries
Companies
Latest news
FUCHS SE signs letter of intent to acquire Swiss lubricant company STRUB & Co. AG
With the intended takeover, FUCHS will gain direct market access for Switzerland and aims to bundle all existing business activities in Switzerland in one company, including the Swiss subsidiary of...
BASF inaugurates new plant for alkyl ethanolamines at its Antwerp Verbund site in Belgium
Port Of Antwerp →Increase of BASF’s global alkyl ethanolamines capacity to 140,000 metric tons per year. New plant helps to serve growing demand for this product portfolio
bp and Iberdrola announce final investment decision for a 25MW green hydrogen plant at Castellón,Spain
bp and Iberdrola have formed a 50:50 joint venture in Spain to develop a 25MW green hydrogen project. The partners have taken final investment decision for the project. The green hydrogen produced ...
LyondellBasell tackles end-of-life challenges in durable goods by investing in a new recycling center in Lich, Germany
This new recycling center brings the collective expertise of a service provider, a university supporting the process and analytics used and the dedicated team at LYB.