PQ Group Holdings sells Performance Chemicals segment for $1.1 billion

PQ Group Holdings sells Performance Chemicals segment for $1.1 billion
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MALVERN, Pa.—PQ Group Holdings is selling its Performance Chemicals business, which provides products to the tire industry.
The Malvern-based company found a buyer in a partnership created by Cerberus Capital Management L.P. and Koch Minerals & Trading L.L.C. at a cost of $1.1 billion.
"We are excited by today's announcement for the sale of our Performance Chemicals business at a favorable valuation," PQ CEO Belgacem Chariag said in a statement.
The sale of the Performance Chemicals division continues the PQ's efforts to remake itself through a plan called "Simpler + Stronger" by the company.

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