Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, today announced that it has signed a definitive agreement to sell its Fine Chemistry Services business to W.R. Grace & Co. for approximately $570 million, consisting of $300 million in cash, and the issuance to Albemarle of preferred equity of a W.R. Grace & Co. subsidiary having an aggregate stated value of $270 million. As part of the transaction, Grace will acquire Albemarle's operations in Tyrone, Pa., and South Haven, Mich.
Albemarle's CEO Kent Masters said, "This transaction reflects our ongoing commitment to actively and continuously refine our portfolio as we focus Albemarle on its core, growth-oriented business segments. Fine Chemistry Services is a profitable business, and we have confidence that Grace is positioned to help it thrive. I want to thank the strong operating team for their excellent performance and professionalism throughout the process."
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second quarter of 2021.
BofA Securities is acting as exclusive financial advisor to Albemarle and Troutman Pepper Hamilton Sanders LLP is acting as legal advisor in connection with this transaction.
About Albemarle Corporation
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.