CHARLOTTE, N.C., June 1, 2021 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the global specialty chemicals
industry, today announced that it has completed the sale of 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. The sale includes Albemarle's operations in Tyrone, Pennsylvania and South Haven, Michigan.
"The sale of our Fine Chemistry Services business has enabled us
to unlock substantial value from our portfolio of quality assets,"
said Albemarle's CEO Kent Masters. "With the proceeds from this
transaction, we have enhanced our available resources to execute
our long-term growth strategy."
BofA Securities acted as exclusive financial advisor to
Albemarle and Troutman Pepper
Hamilton Sanders LLP acted as legal advisor in connection with this
transaction.
About Albemarle
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.
We regularly post information to www.albemarle.com, including
notification of events, news, financial performance, investor
presentations and webcasts, non-GAAP reconciliations, SEC filings
and other information regarding our company, its businesses and the
markets it serves.
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SOURCE Albemarle Corporation