PPG Sells Silicas Business to Qemetica for $310M
America ı By Rihem Akkouche
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PPG Industries Inc. has agreed to sell its silicas business to Polish chemical company Qemetica SA in a deal worth $310 million. The transaction, which is expected to close in the fourth quarter of 2024, marks a strategic move by the Pittsburgh-based paint and coatings giant as it refocuses on its core businesses.
Strategic Sale After Business Review
The silicas division, which produces precipitated silica used as a performance-enhancing additive, accounted for 1-2% of PPG's total net sales in 2023. PPG Chairman and CEO Tim Knavish had previously stated that the company was exploring strategic alternatives to maximize the business' value for shareholders. After a comprehensive review, PPG concluded that the silicas business would be better suited under the ownership of another company.
PPG Sells Silicas Biz For $310M : Global Reach and Facility Transfers
The $310 million deal includes PPG’s silicas manufacturing plants in Lake Charles, Louisiana, and Delfzijl, The Netherlands. Qemetica will also lease the manufacturing operations in Barberton, Ohio, and PPG’s research and development site in Monroeville, Pennsylvania.
Tim Knavish commented, "This transaction allows us to focus on our core technology-differentiated coatings and specialty products businesses, driving organic growth and shareholder value." He also praised the dedication of the 400 employees involved in the silicas business for their service over the years.
Qemetica's Expansion Strategy
For Warsaw-based Qemetica, the acquisition aligns with its growth strategy of expanding its global footprint beyond Europe. The company, which specializes in producing soda ash, vacuum salt, and silicates, sees the acquisition as a strategic opportunity to enhance its operations and diversify its portfolio.
PPG Sells Silicas Biz For $310M : Legal Advisers
PPG was represented by Hogan Lovells in the transaction, with a team led by partners David Gibbons, Katherine Keeley, Victor de Vlaam, and Elizabeth Donley. Qemetica has not yet disclosed its legal representation for the deal.
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