New York-based Cerberus Capital Management, an alternative investment firm, and its partner, Kansas-based Koch Minerals & Trading, specializing in the exchange and logistics of global commodity products and services, have completed their purchase of a performance chemicals business located in Pennsylvania.
The partners purchased the performance chemicals business from Ecovyst, formerly PQ Group Holdings. The company is headquartered in Malvern and produces sodium silicates, specialty silicas, and zeolites. It employs 1,500 people at 31 facilities in 13 countries.
The company will operate under the PQ brand and retain its Malvern headquarters.
“We embark on this next chapter in PQ’s respected 190-year history with the support of two distinguished partners,” PQ President and CEO Al Beninati said. “Together, we will drive innovation and accelerate our growth to further strengthen our long-standing customer relationships. We are excited for PQ to reach new heights while maintaining our family culture and customer-first approach.”
PQ supplies various end-users, including surface coatings, food and beverage products, fuel efficient tires, and personal and industrial cleaning products.
“PQ carries a proud tradition of providing customers with essential products and quality service,”
Vance Holtzman, Koch Minerals & Trading senior vice president, said.