CCMP, a buyout firm associated with megabank JPMorgan, Chase & Co., says it has combined Eco Services Operations LLC, a sulfuric acid production and recycling company based in Cranbury, NJ, with operations in Texas, Louisiana, California, Indiana and other states, into PQ Corp., the Malvern-based chemical and industrial glass products maker. Terms of the deal, sales for the combined companies and other details were not immediately disclosed.
PQ chief executive George Blitz will lead the combined companies, which employ more than 2,600 worldwide.; Mike Boyce, CCMP's chairman for both companies, will hold that post for the combined boards, too. PQ and Eco Services have "complementary financial profiles and management capabilities" and should grow well together, Tim Walsh, CCMP managing director for industrial investments, said in a statement.
PQ is the former Philadelphia Quartz Co.; it has changed hands through leveraged buyouts between CCMP, Carlyle and other owners in past years. Eco Services, previously known as Stauffer Chemical Co., was formerly owned by Rhone-Poulenc, the French chemical giant whose U.S. operations were based in the Philadelphia area.