Albemarle sells Fine Chemsitry Services segment
In June 2021, Albemarle completed its sale of its Fine Chemistry Services segment to W.R. Grace and Co. The sale included the company’s facilities in Tyrone, Pennsylvania and South Haven, Michigan. Based in Columbia, Maryland, W.R. Grace manufactures chemicals, including catalysts used in petrochemical refining, as well as silica-based materials, in 22 locations across nine countries. Abermarle received $570.0 million in the transaction, of which $300.0 million was cash and $270.0 million was preferred equity of a W.R. Grace subsidiary. This was the company’s second sale to W.R. Grace, following its Polyolefin Catalysts business in 2018
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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