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PQ Group Holdings (NYSE:PQG) is set to host a virtual investor conference on April 8, 2021, at 10:00 a.m. ET. This conference will focus on Target PQ, an innovative catalysts and services company. Key presentations will be provided by the executive management, covering core business strategies, innovation, sustainability, growth objectives, and capital allocation. A live Q&A session will follow the presentations. Interested parties can register and find additional information on the company's website.
PQ Group Holdings Inc. (NYSE:PQG) announced the planned retirement of Executive Vice President and CFO Michael Crews in September 2021, to be succeeded by Michael Feehan, the current Vice President of Finance and Treasurer. Crews noted the divestiture of the Performance Materials and upcoming sale of the Performance Chemicals segments as a timely moment to transition. Feehan has been with PQ since 2006 and holds degrees from Notre Dame and Villanova. Crews's tenure included notable financial achievements, such as the IPO and debt reduction.
PQ Group Holdings Inc. (NYSE:PQG) reported Q4 2020 results showing sales of $281.5 million, consistent with Q4 2019. A net loss of $182.8 million was noted, with an adjusted net income of $82.5 million. This included a non-cash goodwill impairment charge of $260 million. For the year, overall sales decreased by 7.7% to $1.1 billion, driven by pandemic impacts. The company generated $153 million in adjusted free cash flow. Significant changes include the pending sale of its Performance Chemicals unit for $1.1 billion and an acquisition of Chem32 for $44 million.
PQ Group Holdings Inc. (NYSE:PQG) will release its fourth quarter and full year 2020 financial results on March 9, 2021, before the market opens. A conference call and audio-only webcast will follow at 11:00 a.m. ET to review the results. Investors can join the call by dialing 1-866-342-8591 (domestic) or 1-203-518-9713 (international) using the participant code PQGQ420. The webcast will be available at investor.pqcorp.com, with a replay accessible later.
Cerberus Capital Management and Koch Minerals & Trading have announced a partnership to acquire the PQ Performance Chemicals business of PQ Group Holdings for approximately $1.1 billion. PQ Performance Chemicals produces sodium silicates, specialty silicas, and zeolites, serving a diverse customer base. This partnership aims to leverage combined operational expertise to enhance business growth and product development. The transaction is subject to regulatory approvals and expected to be completed in 2021, with PQ Performance Chemicals continuing to operate under its brand.
PQ Group Holdings (NYSE:PQG) has signed a definitive agreement to sell its Performance Chemicals business to a partnership led by Cerberus Capital Management and Koch Minerals & Trading for $1.1 billion. The sale is part of PQ's strategic transformation, which aims to reposition the company as a high-growth entity following previous divestitures. Upon closing, PQ plans to distribute a special dividend of $2.50 to $3.25 per share and reduce debt by $450 million to $550 million. Additionally, PQ announced the acquisition of Chem32, LLC for $44 million to enhance its Refining Services sector.
The Jordan Company L.P. announced the completion of its acquisition of Potters Industries, LLC, previously part of PQ Group Holdings, Inc. (NYSE: PQG). Potters, operating from 28 facilities and led by Scott Randolph, specializes in engineered glass materials and highway safety products. Randolph expressed optimism for growth as a standalone company under TJC's partnership, aiming for expansion through organic initiatives and selective acquisitions. TJC’s Ian Arons highlighted the potential of Potters and its management team. TJC has over $13 billion in capital commitments and a strong investment track record.
PQ Group Holdings (NYSE:PQG) announced the successful sale of its Performance Materials business for $650 million to The Jordan Company. This strategic move aims to shift PQG's portfolio towards higher-margin opportunities. Following the sale, PQG plans to allocate approximately $465 million to reduce its debt and has declared a special cash dividend of $250 million, equating to $1.80 per share, payable on December 29, 2020, to shareholders of record as of December 21, 2020.
PQ Group Holdings Inc. (NYSE:PQG) reported a 10.3% decrease in Q3 sales to $380.3 million, primarily due to lower economic activity from COVID-19. Net income was $7.5 million ($0.06 EPS), while adjusted net income was $27.5 million ($0.20 EPS). Adjusted EBITDA decreased by 21.1% to $108.6 million, leading to a margin of 26.7%. The company plans to sell its Performance Materials segment for $650 million and considers strategic alternatives for Performance Chemicals to enhance shareholder value. Projected sales for 2020 are $1,430 to $1,460 million, with adjusted EBITDA between $410 to $425 million.
PQ Group Holdings Inc. (NYSE:PQG) will release its third quarter 2020 financial results on October 30, 2020, before market open. A conference call to discuss the financial results is scheduled for 10:00 a.m. Eastern time. Investors can join the call via telephone or access an audio-only live webcast on the company's investor relations website. PQ Group Holdings is a leading provider of specialty catalysts, materials, and chemicals, with over 70 manufacturing facilities worldwide, supporting diverse industries and over 4,000 customers.
