Technip Energies completed the acquisition of advanced materials and catalysts segment from Ecovyst for $556m.

Technip Energies, a technology and engineering company, completed the acquisition of advanced materials and catalysts segment from Ecovyst, a global provider of advanced materials, for $556m. "We believe the sale of our Advanced Materials & Catalysts segment creates significant value for our stockholders by allowing us to realize the intrinsic value of the business. Net proceeds from the sale will provide for significantly reduced leverage and enhanced financial flexibility that we believe will support the implementation of our growth strategies as well as the active return of capital to stockholders through our existing stock repurchase authorization," added Bitting. "We want to thank the Advanced Materials & Catalysts team for their valued contributions to Ecovyst, and we wish them continued success as part of Technip Energies," Kurt J. Bitting, CEO Ecovyst.