WAYNE, PA — Ecovyst (NYSE: ECVT) said it signed a definitive agreement to acquire the Calabrian sulfur dioxide and sulfur derivatives business from INEOS Enterprises for $190 million, expanding its sulfur chemistry portfolio and presence in mining, water treatment, and specialty chemicals.
The transaction is expected to close by the end of the second quarter of 2026, subject to customary closing conditions, the company said.
Calabrian operates manufacturing facilities in Port Neches, Texas, and Timmins, Ontario, and produces sulfur dioxide and related sulfur derivative products for industrial markets across North America.
Following the acquisition, Ecovyst said it expects to expand its offerings in sulfur dioxide, sodium bisulfite, sodium thiosulfate, and sodium metabisulfite products.
Chief Executive Officer Kurt J. Bitting said the acquisition aligns with the company’s strategy to diversify its portfolio and expand in mining and related end markets.
“Calabrian’s sulfur dioxide and other sulfur derivative product offerings share meaningful end-use, customer, and sulfur-chemistry overlap with Ecovyst,” Bitting said.
The company said Calabrian generated trailing 12-month adjusted EBITDA of about $23.7 million.
Chief Financial Officer Mike Feehan said the acquisition will be funded through a combination of cash on hand and new debt financing.
Feehan said the combined company’s net debt leverage ratio is expected to be about two times at closing. He added that the transaction represents a purchase multiple of about 8.0 times trailing 12-month adjusted EBITDA, which the company expects to decline below 7.0 times as synergies are realized over three years.
Ashley Reed, chairman of INEOS Enterprises, said the sale reflects the company’s portfolio management strategy and that Calabrian was not considered a long-term strategic fit within INEOS.
Lazard is serving as financial advisor to Ecovyst. Ropes & Gray and Babst Calland are serving as legal counsel.
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