/PRNewswire/ – Albemarle Corporation announced today that it has signed a definitive agreement to sell its Mineral Flame Retardants and Specialty Chemicals businesses to Huber Engineered Materials, a division of J.M. Huber Corporation, a leading global manufacturer of flame retardant additives. The transaction includes Albemarle’s Martinswerk GmbH subsidiary and manufacturing facility located in Bergheim, Germany and Albemarle’s 50% ownership interest in MAGNIFIN Magnesiaprodukte GmbH, a joint-venture with RHI AG at Breitenau, Austria.
“We continue to execute our plan to sell non-strategic businesses and assets which will allow Albemarle to enhance our focus on growth opportunities within our core businesses,” said Albemarle’s president and CEO Luke Kissam. “This transaction supports our ongoing commitment to maximizing value for our shareholders and positions these businesses to extend their rich history of leadership and success.”
The acquisition is subject to customary closing conditions and is expected to close in early 2016.
BofA Merrill Lynch is acting as exclusive financial advisor to Albemarle in connection with this transaction.
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
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