In 1958, Engelhard's son Charles Jr. consolidated the family’s holdings to form Engelhard Industries, Inc. as a publicly held company listed on the New York Stock Exchange. In 1963, Engelhard, under the advisement of Lazard Frères, took a 20 percent interest in Minerals & Chemicals Philipp (MCP), a recently formed partnership between a small producer of nonmetallic minerals such as kaolin and fuller's earth, and Philipp Brothers, a trading firm specializing in the buying and selling of ores on the international market. Engelhard executed the transaction through a stock swap, giving up 8 percent of Engelhard as partial payment for the 20 percent interest in MCP.