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
gene.shiels@ecovyst.com
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SOURCE Ecovyst Inc.