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March 1, 2021, 8:58 a.m. EST

PQ Group's stock set to rally after $1.1 billion deal to sell its performance chemicals business

Shares of PQ Group Holdings Inc. (NYS:PQG) were indicated up more than 7% in premarket trading Monday, after the specialty materials and chemicals company announced an agreement to sell its performance chemicals business for $1.1 billion to private investors Cerberus Capital Management L.P. and Koch Minerals & Trading LLC. PQ said its performance chemicals business produced sodium silicates, specialty silicas and zeolites. Cerberus and Koch said they formed a partnership to buy the business. The deal is expected to close this year. PQ's stock has rallied 17.5% over the past three months, while the S&P 500 (S&P:SPX) has gained 4.1%.

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