PR Newswire
MALVERN, Pa., Dec. 2, 2024
MALVERN, Pa., Dec. 2, 2024 /PRNewswire/ -- Ecovyst Inc. (NYSE: ECVT), a leading integrated and innovative global provider of advanced materials, specialty catalysts, sulfuric acid and regeneration services, today announced that its Board of Directors has initiated a strategic review process for its Advanced Materials & Catalysts business ("AM&C"). This announcement is an extension of the Board's ongoing evaluation and review of the business, aimed at maximizing shareholder value.
AM&C is comprised of two business units. Advanced Silicas is an internationally leading provider of silica-based advanced materials and catalysts, essential for the production of polyethylene, biocatalysts, and functional chemicals. Zeolyst International, a joint venture with Shell, is a world-leading supplier of zeolite-based advanced materials and catalysts. These are crucial for the production of distillate and sustainable fuels, including renewable diesel and sustainable aviation fuels.
"We remain very positive on the long-term outlook for Advanced Materials & Catalysts as supported by our growth investments in the business," said Kurt Bitting, Chief Executive Officer of Ecovyst. "AM&C manufactures high-performance products and is a critical innovation partner for its customers. The unique attributes of the business are underscored by what we believe are its attractive financial characteristics. The objective of this strategic review will be to evaluate options available to the company to maximize the value contribution of AM&C to Ecovyst and its stockholders."
Ecovyst expects to complete the strategic review of the AM&C business unit in Mid-2025. The strategic review may not result in any transaction or other outcome. The company does not intend to make any further public comment regarding the strategic review until it has been completed or the company determines that disclosure is required or beneficial.
About Ecovyst
Ecovyst Inc. and subsidiaries is a leading integrated and innovative global provider of advanced materials, specialty catalysts, sulfuric acid and regeneration services. We support customers globally through our strategically located network of manufacturing facilities. We believe that our products, which are predominantly inorganic, and services contribute to improving the sustainability of the environment.
We have two uniquely positioned specialty businesses: Ecoservices provides sulfuric acid recycling to the North American refining industry for the production of alkylate and provides high quality and high strength virgin sulfuric acid for industrial and mining applications. Ecoservices also provides chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry. Advanced Materials & Catalysts, through its Advanced Silicas business, provides finished silica catalysts, catalyst supports, and functionalized silicas necessary to produce high performing plastics and to enable sustainable chemistry, and through its Zeolyst joint venture, innovates and supplies specialty zeolites used in catalysts that support the production of sustainable fuels, remove nitrogen oxides from diesel engine emissions and that are broadly applied in refining and petrochemical process. For more information, see our website at https://www.ecovyst.com.
Note on Forward-Looking Statements
Some of the information contained in this press release constitutes "forward-looking statements." Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "projects," "sees" and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. These forward-looking statements speak only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, including the timing and outcome, if any, of the company's strategic review process for AM&C and the risks detailed from time to time in the Company's periodic reports filed with the SEC, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
For more information:
Gene Shiels – Director of Investor Relations
(484) 617 1225
[email protected]
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SOURCE Ecovyst Inc.
