PITTSBURGH—PPG Industries Inc. has finalized the sale of its silicas products business unit to Poland-based chemical manufacturer Qemetica as of Nov. 25.
The move—first announced in August—is a result of PPG's "evaluation of strategic alternatives for the business," according to company officials.
The deal was valued at $310 million in pre-tax proceedings, PPG said.
PPG's silicas products business unit is maintained by about 400 employees, the company said, and accounts for 1-2 percent of PPG's total sales. Chairman and CEO Tim Knavish said the transaction will help to shape both companies' businesses, giving Qemetica a wider global presence.
"We are pleased to complete this transaction with Qemetica, and I want to thank the silicas products business employees for their dedication and commitment to the business and to PPG customers throughout the years," said Knavish.
The deal includes PPG's manufacturing plants in both Lake Charles, La., and Delfzijl, Netherlands, company officials said. Additionally, Qemetica will lease PPG facilities in Barberton, Ohio, and Monroeville, Pa., as part of the acquisition.
Based in Warsaw, Poland, Qemetica is a leading European manufacturer, boasting high production capacity of sodium carbonate, evaporated salt, and silicates. The company is currently focused on strategic acquisitions to both tap into new markets and build a stronger presence outside of Europe.
"This transaction, meeting all the mentioned criteria, means that after finalizing and fully integrating the new business, we will be closer to achieving our strategic goals: to develop sources of growth other than soda ash, to achieve geographic and product diversification, and to significantly expand our global footprint with revenues from new markets," Qemetica CEO Kamil Majczak said in a statement when the deal was first announced.
