, a leader in the global specialty chemicals industry, said it signed a definitive agreement to sell its polyolefin catalysts and components business to W. R. Grace & Co
. in a cash transaction valued at approximately $416 million. 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."
“This transaction aligns perfectly with our strategy to expand our leadership position in polyolefin catalysts,” said Grace Chairman and Chief Executive Officer Fred Festa. “I am excited about the opportunities created by adding the talent, advanced technology, and manufacturing capabilities of the business. Both the catalysts and activators product lines are tied to high-growth applications and the manufacturing assets bring important scale and capital synergies.”
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the first quarter of 2018.