The Jordan Company, L.P. has entered into a definitive agreement to acquire Potters Industries, LLC, a segment of PQ Group Holdings, Inc. (NYSE: PQG). The acquisition is expected to close by year-end 2020, pending customary approvals. Potters operates 28 production facilities and specializes in engineered glass materials, particularly in highway safety. Scott Randolph, President & CEO of Potters, expressed enthusiasm for the partnership, anticipating growth through both organic initiatives and acquisitions. TJC aims to enhance Potters' future prospects under their management.
PQ Group Holdings Inc. (NYSE:PQG) has announced the sale of its Performance Materials business for $650 million to The Jordan Company. This strategic move aligns with its 'Simpler and Stronger' initiative, allowing PQ to focus on its high-growth Catalysts and Refining Services sectors. The company plans to use approximately $460 million from the sale to reduce debt and allocate up to $250 million for a special dividend, pending board approval. The transaction is expected to finalize by the end of 2020, subject to regulatory conditions.