WASHINGTON (dpa-AFX) - Albemarle Corp. (ALB), a provider of essential elements for mobility, energy, connectivity and health, announced Monday it has entered into a definitive agreement to sell a controlling stake in Ketjen Corp's refining catalyst solutions business to KPS Capital Partners, LP.
Albemarle and KPS, through affiliates, will own approximately 49% and 51% of Ketjen at close, respectively, with KPS having a majority of the Board of Directors and operational control of Ketjen.
Albemarle will retain 100% of Ketjen Corp's Performance Catalyst Solutions (PCS) business, including the PCS plant in Pasadena, Texas.
Separately, Albemarle will sell the entirety of its 50% interest in the Eurecat joint venture to Axens SA.
The completion of both transactions is expected in the first half of 2026, with both subject to customary closing conditions and regulatory approvals.
Across the two transactions, Albemarle expects to receive total pre-tax proceeds of approximately $660 million, while also retaining an approximately 49% stake in Ketjen.
Albemarle expects to use these proceeds for debt reduction and other general corporate purposes.
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