Albemarle Completes Sale of Chemetall Surface Treatment Business

Albemarle (NYSE:ALB) has announced the completion of a previously announced sale of its Chemetall Surface Treatment business and assets for proceeds of $3.2 billion.
As quoted in the press release:

The proceeds are subject to typical adjustments with respect to certain pension liabilities, cash, working capital and indebtedness. Luke Kissam, chairman, president and CEO, stated, “We are very pleased to complete this transaction,  which will accelerate our transformation into a company focused on powering increased energy efficiency around the world  through our leading lithium and refinery catalysts businesses. We appreciate the contribution that the Chemetall Surface Treatment team has made to Albemarle over the last two years.  We are certain that BASF will be an excellent steward of this outstanding business.”

Click here to read the full press release.