(RTTNews) - Ecovyst Inc. (ECVT), a provider of virgin sulfuric acid, sulfuric acid regeneration services and ex-situ catalyst activation services, announced that it has completed the sale of its Advanced Materials & Catalysts segment to Technip Energies.
Ecovyst expects net proceeds after taxes and transaction expenses to be approximately $530 million. As part of the closing, the company used $465 million of the net proceeds to pay down its Term Loan.
Following the completion of the transaction, the AM&C business will continue to operate under its existing leadership team. It will be supported by dedicated research and development, manufacturing, and commercial teams across its three facilities located in the United States and Europe. In total, 330 employees will join the company, Technip Energies said in a statement.
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