Albemarle completes sale of Fine Chemistry Services Business
Albemarle Corporation, based in Charlotte, North Carolina, U.S.A., a leader in the global specialty chemicals industry, has completed the sale of its Fine Chemistry Services business to W. R. Grace & Co. for approximately USD570 million. The sale includes Albemarle’s operations in Tyrone, Pennsylvania and South Haven, Michigan, in the United States.
The transaction consisted of USD300 million in cash, and the issuance to Albemarle of preferred equity of a W. R. Grace & Co. subsidiary having an aggregate stated value of USD270 million.
“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.