Albemarle To Sell Portion Of Performance Catalysts Unit
Zacks Investment Research | Dec 14, 2017 09:37PM ET
Albemarle Corporation (NYSE:ALB) entered into a definitive agreement to divest its polyolefin catalysts and components business to W.R. Grace & Co. in a cash deal valued at roughly $416 million. The deal, which is subject to regulatory approvals and other customary closing conditions, is expected to close during the first quarter of 2018.
Per the terms of the deal, the curatives and organometallics portions of the Performance Catalysts Solutions business will remain with Albemarle. Grace will assume the operations and lease at the Product Development Center in Baton Rouge, LA, and operations at the Yeosu site in South Korea.
Per Albemarle, this move demonstrates its continued commitment toward portfolio management in the best interest of shareholders and employees. Grace is well-placed to drive the polyolefin catalysts and components business toward success, the company added.
Shares of Albemarle have rallied 18.1% in the past six months, outperforming the
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