Akzo Nobel: PQ Corporation Acquires 100% of Akzo-PQ Silica.Business Editors ARNHEM, The Netherlands & VALLEY FORGE Valley Forge, on the Schuylkill River, SE Pa., NW of Philadelphia. There, during the American Revolution, the main camp of the Continental Army was established (Dec., 1777–June, 1778) under the command of Gen. George Washington. , Pa.--(BUSINESS WIRE)--May 2, 2001 PQ Corporation and Akzo Nobel N.V. announced today that PQ Corporation has acquired 100% of Akzo-PQ Silica (APS), PQ's 50-50 joint venture with Akzo Nobel, which manufactures silicate silicate, chemical compound containing silicon, oxygen, and one or more metals, e.g., aluminum, barium, beryllium, calcium, iron, magnesium, manganese, potassium, sodium, or zirconium. Silicates may be considered chemically as salts of the various silicic acids. and silica gel products in Europe. PQ also announced that the silicate and silica-related operations involved in this purchase will be known as PQ Europe. The financial terms of the transaction were not disclosed. Commenting on PQ's move to purchase Akzo-PQ Silica, Michael R. Imbriani, Executive Vice President with responsibility for PQ's global industrial chemical business noted, "The silicate, and silica hydrogel hy·dro·gel n. A colloidal gel in which the particles are dispersed in water. hydrogel a gel that contains water. hydrogel Wound care A polymer absorptive wound dressing. See Dressing. operations of APS are core to PQ's activities. Their purchase enhances the leading global position we have in a number of silicate and silica-related product areas. This acquisition is in the best long-term interests of the employees, the customers, and the business." Dag Dag(h)da great god of Celts; father of Danu. [Celtic Myth.: Parrinder, 68; Jobes, 405] See : Fatherhood Dag (h)da god of abundance, war, healing. [Celtic Myth. Stromqvist, Akzo Nobel's Board Member responsible for the Chemicals Group said: "This sale is in line with our strategy to focus on our core businesses. Clearly, while the joint venture worked well, PQ Corporation is more focused on this area of business than we are, and is now in a position to further develop it. It is by no means the end of our relationship, we will remain a customer for these products." The APS business that PQ is acquiring includes operations that produce a variety of silica-based products, ranging from spray-dried silicate for making consumer detergent tablets to soluble silicates for numerous industrial applications. Included in the purchase are nine manufacturing operations located in Winschoten and Maastricht (the Netherlands), Oslo and Glomfjord (Norway), Karlstad (Sweden), Naantali (Finland), Dehnitz and Worms (Germany), and Vienna (Austria). Research and Development facilities in Maastricht have also been acquired. All employees currently working for the joint venture (some 260 people) will transfer to PQ Corporation. Note for the Editor PQ Corporation is a leading worldwide producer of soluble silicates, silica-based derivative products, and solid glass spheres with revenues in excess of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 500 million. Founded in 1831, PQ is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. whose environmentally friendly products make significant contributions to a variety of products and industries, including detergents, construction, highway safety, pulp and paper, petroleum processing, and food and beverages. With its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , PQ Corporation worldwide currently has 62 inorganic chemical and glass bead plants in 19 countries. Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2000 totaled EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 14 billion (USD 13 billion, GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 8.5 billion). The Company currently employs 68,800 people in 75 countries. Financial results for the second quarter of 2001 will be published on July 25, 2001. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/02/20010502BIT01510/bit0002.doc http://www.bit.se/bitonline/2001/05/02/20010502BIT01510/bit0002.pdf |
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