Ecovyst to Buy Calabrian Sulfur Derivatives Business for $190M
Ecovyst will acquire Calabrian’s sulfur dioxide and sulfur derivatives business from INEOS for $190 million, subject to customary adjustments, with closing expected by the end of Q2 2026. The deal brings $23.7 million in EBITDA at an 8.0x multiple and should trim Ecovyst’s net debt leverage to about 2.0x post-close.
1. Transaction Details
Ecovyst signed a definitive agreement to acquire Calabrian’s sulfur dioxide and sulfur derivatives operations from INEOS for $190 million, subject to customary adjustments. The deal covers Calabrian’s manufacturing plants in Port Neches, Texas and Timmins, Ontario, with closing targeted by the end of second quarter 2026.
2. Strategic Rationale
The acquisition extends Ecovyst’s existing sulfur chemistry platform into sulfur dioxide, sodium bisulfite, sodium thiosulfate and sodium metabisulfite product groups. It enhances presence in key end markets such as mining, water treatment and specialty chemicals by leveraging a familiar commercial and operational footprint.
3. Financial Impact and Funding
Calabrian generated approximately $23.7 million in trailing EBITDA, translating to an 8.0x purchase multiple expected to fall below 7.0x as synergies ramp over three years. Ecovyst plans to fund the transaction with cash on hand and new debt financing, anticipating net debt leverage of roughly 2.0x at close.