PQ Corporation acquires 100% of Akzo-PQ Silica
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PQ Corporation and Akzo Nobel nv announced today that PQ Corporation has acquired 100% of Akzo-PQ Silica (APS), PQ's 50-50 joint venture with Akzo Nobel, which manufactures silicate and silica gel products in Europe. PQ also announced that the silicate and silica-related operations involved in this purchase will be known as PQ Europe. The financial terms of the transaction were not disclosed.
Commenting on PQ's move to purchase Akzo-PQ Silica, Michael R. Imbriani, Executive Vice President with responsibility for PQ's global industrial chemical business noted, "The silicate, and silica hydrogel operations of APS are core to PQ's activities. Their purchase enhances the leading global position we have in a number of silicate and silica-related product areas. This acquisition is in the best long-term interests of the employees, the customers, and the business."
Dag Strömqvist, Akzo Nobel's Board Member responsible for the Chemicals Group said: "This sale is in line with our strategy to focus on our core businesses. Clearly, while the joint venture worked well, PQ Corporation is more focused on this area of business than we are, and is now in a position to further develop it. It is by no means the end of our relationship, we will remain a customer for these products."
The APS business that PQ is acquiring includes operations that produce a variety of silica-based products, ranging from spray-dried silicate for making consumer detergent tablets to soluble silicates for numerous industrial applications. Included in the purchase are nine manufacturing operations located in Winschoten and Maastricht (the Netherlands), Oslo and Glomfjord (Norway), Karlstad (Sweden), Naantali (Finland), Dehnitz and Worms (Germany), and Vienna (Austria). Research and Development facilities in Maastricht have also been acquired.
All employees currently working for the joint venture (some 260 people) will transfer to PQ Corporation.
PQ Corporation is a leading worldwide producer of soluble silicates, silica-based derivative products, and solid glass spheres with revenues in excess of USD 500 million. Founded in 1831, PQ is a privately held company whose environmentally friendly products make significant contributions to a variety of products and industries, including detergents, construction, highway safety, pulp and paper, petroleum processing, and food and beverages. With its affiliated companies, PQ Corporation worldwide currently has 62 inorganic chemical and glass bead plants in 19 countries.
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