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INEOS Silicas to increase prices for silica product lines by 10% to 15% |
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INEOS Silicas is to increase global prices for all silica gel and precipitated silica products by 10% to 15%, effective from 1st July 2008, or as contracts permit. "Despite significant focus on cost saving and efficiency measures, we are unable to continue to absorb unprecedented across-the-board cost increases" said CEO, Dr Iain Hogan. "In addition to significant uplifts in oil, gas and electricity prices, raw materials such as soda ash, caustic soda and sulphuric acid continue to climb relentlessly", he added. More detailed information will be communicated directly to customers on a local basis.For more information please contact: Suzanne Urey (Product Manager) June 2008
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INEOS and The Carlyle Group agree to combine INEOS Silicas and PQ Corporation |
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INEOS has announced today that it has reached an agreement in which the PQ Corporation, the speciality chemical company acquired in July 2007 by The Carlyle Group, will combine with INEOS Silicas. Under the terms of the proposed agreement, The Carlyle Group will have an approximate 60% share and INEOS approximately 40%. The financial terms are not disclosed. The combined business will become a global producer of speciality inorganic chemicals, catalysts, and engineered products with annual sales revenue of US$1 billion. Andy Currie, Director of INEOS Capital, who will serve as a Director on the Board of the new company, said "This is a well-timed next step in the development of INEOS Silicas. Operating under single ownership presents both businesses and their customers with new opportunities. PQ brings with it unique benefits in terms of its people and its technology, incorporating some of the world's leading product and process innovation". On 1st June 2007, The Carlyle Group announced its plans to acquire PQ Corporation, based in Pennsylvania. The deal completed in July. PQ Corporation develops, manufactures and sells high performance silicate-based speciality chemicals, catalytic Zeolites and Zeolite-based catalysts as well as manufacturing and selling highly engineered glass spheres. It employs 1,900 people across 60 manufacturing sites in 19 countries.Andrew Marino, Principal of The Carlyle Group, said, "This transaction represents the combination of two successful and complementary companies to create a business with increased capabilities and market coverage to better serve our customers in the inorganic speciality chemicals space. We look forward to working closely with our new partners at INEOS to maximise the growth opportunities of the new company". INEOS Silicas is a manufacturer of silicates, zeolites and silicas. The business has manufacturing sites in the UK (Warrington), Netherlands (Eijsden), USA (Joliet), Brazil (Jacana and Rio Claro), South Africa (Durban and Johannesburg) and Indonesia (Pasuruan) and employs around 850 people. 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. The new company will be able to deliver new opportunities for innovation and growth that will provide significant benefit to our customers". The combined company will be called PQ Corporation. Mike Boyce, Chairman and Chief Executive Officer of PQ, will serve in that same capacity following the close of the transaction. "Our strategy at PQ has and will continue to be profitable growth of our business", Boyce said. "A combination with INEOS Silicas offers an immediate way to achieve an enhanced global presence, which will result in a greater ability to meet and exceed our customers' expectations. Additionally, the size and growth profile of this new company will allow for better access to capital for future investments in growth opportunities". Completion of the transaction is subject to approval by the regulatory authorities. For further information contact:
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INEOS Silicas purchases Millennium's Silica Gels Business . |
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On Friday 18th May 2007 INEOS Silicas signed an agreement to acquire the global silica gels business of Millennium Chemicals Inc, USA. The transaction should be completed by the end of the month. Millennium supplies into the surface coatings, inkjet, antiblock and beverages markets under the SilCRON® and Sil-PROOF® brand names. It is therefore a very good fit with our existing silica gels business. The SilCRON® and Sil-PROOF® brands will be maintained and Millennium will continue to produce material on behalf of INEOS Silicas in the short term. Manufacture will be transferred to Warrington, Joliet and Rio Claro by the end of the year. A detailed plan is in place to ensure the smooth transfer of customers and products. This acquisition has enabled us to accelerate our business' strategy to grow our speciality silicas business. The successful transfer of production to our sites will ensure that we can quickly maximise the utilisation of our existing assets and generate a much improved EBITDA performance going forward.: INEOS Silicas Board
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