Quarterly report pursuant to Section 13 or 15(d)

Investments in Affiliated Companies

Investments in Affiliated Companies
3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies
10. Investments in Affiliated Companies:
The Company accounts for investments in affiliated companies under the equity method. Affiliated companies accounted for on the equity basis as of March 31, 2020 are as follows:
Company Country Percent
PQ Silicates Ltd. Taiwan 50%
Zeolyst International USA 50%
Zeolyst C.V. Netherlands 50%
 Asociacion para el Estudio de las Tecnologias de Equipamiento de Carreteras, S.A. (“Aetec”)
Spain 20%
Following is summarized information of the combined investments(1)
Three months ended
March 31,
2020 2019
Sales $ 71,207    $ 68,094   
Gross profit 31,139    19,414   
Operating income 21,009    9,207   
Net income 20,035    9,240   

(1) Summarized information of the combined investments is presented at 100%; the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.
In March 2020, the Company sold its 49% interest in the Quaker Holdings joint venture to a third party. Prior to the Company’s disposition of its shares in the joint venture, the Company received a liquidating dividend of $729 as well as $1,032 for the sale of the joint venture shares, which were included in proceeds from sale of investment within the investing activities section of the Company’s consolidated statement of cash flows.
The Company’s investments in affiliated companies balance as of March 31, 2020 and December 31, 2019 includes net purchase accounting fair value adjustments of $248,874 and $250,532, respectively, related to the series of transactions consummated on May 4, 2016 to reorganize and combine the businesses of PQ Holdings Inc. and Eco Services Operations LLC, consisting primarily of goodwill and intangible assets such as customer relationships, technical know-how and trade names. Consolidated equity in net income from affiliates is net of $1,658 and $2,558 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2020 and 2019, respectively.