BATON ROUGE, La., Dec. 16, 2015 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) 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.
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a premier specialty chemicals company with leading positions in attractive end markets around the world. With a broad customer reach and diverse end markets, Albemarle develops, manufactures and markets technologically advanced and high value added products, including lithium and lithium compounds, bromine and bromine derivatives, catalysts and surface treatment chemistries used in a wide range of applications including consumer electronics, flame retardants, metal processing, plastics, contemporary and alternative transportation vehicles, refining, pharmaceuticals, agriculture, construction and custom chemistry services. Albemarle is focused on delivering differentiated, performance-based technologies that deliver innovative and sustainable solutions to its customers. The Company employs approximately 6,900 people and serves customers in approximately 100 countries. Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings and other information regarding the Company, its businesses and the markets it serves.
About J.M. Huber Corporation (www.huber.com)
J.M. Huber Corporation, headquartered in Edison, New Jersey (U.S.), operates a portfolio of companies with a focus on its core engineered materials businesses. Founded in 1883, today Huber is one of the largest family-owned companies in the U.S. The diversified, multinational company creates products that are used in a broad range of consumer and industrial applications, including oral care, personal care, food, beverage, pharmaceuticals and building materials.
About Huber Engineered Materials (www.hubermaterials.com)
Huber Engineered Materials, headquartered in Atlanta, Georgia (U.S.), is a global business focused on engineered specialty ingredients that enhance the performance, appeal and processing of a broad range of products used in industrial and consumer-based applications. With an expertise in inorganic materials, it has a portfolio of high value products: specialty silicas and silicates, alumina trihydrate, magnesium hydroxide, molybdate compounds, and industrial, food and USP grade calcium carbonate.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
SOURCE Albemarle Corporation