Wayne-based Ecovyst, a provider of virgin sulfuric acid, sulfuric acid regeneration services and ex-situ catalyst activation services, recently completed the sale of its Advanced Materials & Catalysts segment to France-based Technip Energies, a technology and engineering company.
“We believe the sale of our Advanced Materials & Catalysts segment creates significant value for our stockholders by allowing us to realize the intrinsic value of the business,” Kurt J. Bitting, Ecovyst CEO, said. “Net proceeds from the sale will provide for significantly reduced leverage and enhanced financial flexibility that we believe will support the implementation of our growth strategies as well as the active return of capital to stockholders through our existing stock repurchase authorization.”
Ecovyst expects net proceeds after taxes and transaction expenses to be approximately $530 million. The company used $465 million of the net proceeds, as part of the closing, to pay down its term loan.
Technip Energies provides ethylene, hydrogen, liquid natural gas, sustainable chemistry, and carbon dioxide management. The company employs more than 17,000 employees in 34 countries. The company had revenue totaling $8.09 billion in 2024.
Ecovyst’s Ecoservices business provides chemical waste handling and treatment services, ex-situ catalyst activation services, sulfuric acid recycling, and virgin sulfuric acid.