Albemarle to sell part of polyolefin unit to WR Grace for $416m
US-based specialty chemicals company Albemarle Corporation has agreed to divest its polyolefin catalysts and components business to WR Grace & Co in a deal worth $416m.
The deal does not include organometallics and curatives portions of the Performance Catalysts Solutions business, which will remain with Albemarle.
Under the agreement, Grace will assume the lease and operations at the Product Development Center in Baton Rouge, Louisiana, and operations at the Yeosu, South Korea site.
The disposal ofpolyolefin catalysts and components unit is the latest in a series of changes that have reduced Albemarle's presence in Baton Rouge.
Albemarle chairman, president and CEOLuke Kissam said: “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.
“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 expected to conclude in the first quarter of 2018, subject to regulatory approvals and other customary closing conditions.