Issue Date: October 15, 2007
PQ Will Combine With Ineos Silicas
PQ Corp. and Ineos Silicas will combine to create a new producer of silicates and other inorganic chemicals with annual sales in excess of $1 billion. In July, PQ was sold by one private equity firm, J.P. Morgan Partners, to another, the Carlyle Group, in a transaction valued at $1.5 billion. At the time, PQ's annual sales were put at $700 million. The new company will be owned about 60% by Carlyle and 40% by Ineos, a private British firm that is one of the world's largest chemical companies. It will take the PQ Corp. name and be led by Mike Boyce, PQ's current CEO.
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