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Chief thrilled as merger with ‘ideal partner’ is cleared by authorities
Jul 9 2008 by Alex Turner, Liverpool Daily Post
WARRINGTON-BASED Ineos Silicas is to merge with PQ Corporation, after the deal was cleared by competition authorities.
The new company, which will be called PQ Corporation, will be a global producer of speciality inorganic chemicals, catalysts, and engineered glass products and is expected to have annual sales of around £500m. The Carlyle Group, owners of PQ Corporation, will hold a 60% share and Ineos Capital, the owners of Ineos Silicas, the remaining 40% of the new company.
Iain Hogan, chief executive officer of Ineos Silicas said: “I am very excited by the opportunities that this merger will create for Ineos Silicas and its employees. PQ is the ideal partner for our business due to its product portfolio and market coverage.”
Ineos Silicas employs 850 people across the world. In the year to December, 2006, its most recent published accounts, Ineos Silicas made a £9m profit on a turnover of £63.8m.
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