WASHINGTON (dpa-AFX) - Albemarle Corp. (ALB), Thursday said it has agreed to sell its Fine Chemistry Services business to W.R. Grace & Co. for about $570 million.
The transaction price consisting of $300 million in cash and the issuance to Albemarle of preferred equity of a W.R. Grace & Co. subsidiary having a value of $270 million.
As part of the transaction, Grace will acquire Albemarle's operations in Tyrone, Pa., and South Haven, Mich.
Albemarle's CEO Kent Masters said, 'This transaction reflects our ongoing commitment to actively and continuously refine our portfolio as we focus Albemarle on its core, growth-oriented business segments. Fine Chemistry Services is a profitable business, and we have confidence that Grace is positioned to help it thrive. I want to thank the strong operating team for their excellent performance and professionalism throughout the process.'
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second quarter of 2021.
Copyright RTT News/dpa-AFX
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