Cerberus Capital Management and Koch completed the acquisition of the performance chemicals business of PQ Group for $1.1bn.

Cerberus Capital Management, a middle-market direct lending platform, and Koch Minerals & Trading, a dry-bulk commodity handler, completed the acquisition of the performance chemicals business of PQ Group, a global provider of specialty catalysts, chemicals and services, for $1.1bn. "With this agreement to divest the Performance Chemicals business, we are accelerating the next and most critical step in our strategic transformation. Our core Refining Services and Catalysts Technologies businesses represent a unique opportunity to reposition PQ as a pure play, high growth company," Belgacem Chariag, PQ Chairman, President and CEO.