Industry News

Albemarle to Sell Polyolefin Catalysts and Components Business to Grace

Published on 2017-12-18. Author : SpecialChem

Albemarle to Sell Polyolefin Catalysts and
Components Business to Grace
Albemarle Corporation has announced that it has signed a definitive agreement to sell its polyolefin catalysts and components business to W. R. Grace & Co. (NYSE: GRA) in a cash transaction valued at approximately $416 million.

Transaction Valued at Approximately USD 416 Mn

The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with Albemarle. As part of the transaction, Grace will assume the lease and operations at the Product Development Center in Baton Rouge, La., and operations at the Yeosu, South Korea site.

"The sale of this portion of our Performance Catalysts Solutions business shows our continued commitment to portfolio management that is in the best interest of our shareholders and employees," said Luke Kissam, Albemarle chairman, president and CEO. "I want to thank our global polyolefin catalysts team for their unparalleled work ethic, performance and professionalism. Grace is highly-qualified and well-positioned within the industry to drive these products forward to future success."

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the first quarter of 2018.

BofA Merrill Lynch is acting as exclusive financial advisor to Albemarle in connection with this transaction.

Source: Albemarle
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