American private equity firm Carlyle Group LP has hired investment bank Credit Suisse Group AG to explore a sale of specialty chemical company PQ Corp. Carlyle is hoping to sell PQ for as much as $3 billion, sources told Reuters.

According to the report, should Carlyle opt for an initial public offering instead of an outright sale of PQ, Credit Suisse will lead the listing. The investment bank will manage the floatation along with Bank of America Merrill Lynch and JP Morgan Chase & Co.

Reuters sources said that a dual-track process to explore both possibilities is expected to start in the first quarter of next year.

PQ is a major producer of inorganic specialty chemicals for industrial and consumer markets. Its products include sodium silicate, catalysts, reflective glass spheres and engineered glass materials. PQ was acquired by Carlyle for $1.5 billion in 2007, the report said.

Pennsylvania-based PQ is estimated to have around $300 million in annual earnings before interest, tax, depreciation and amortization (EBITDA). It could fetch up to 10 times that amount in a potential sale, wrote Reuters.