Albemarle To Sell Coatings Biz In $3.2B Deal With BASF
Law360, New York (June 17, 2016, 3:51 PM EDT) -- Albemarle, led by Shearman & Sterling, on Friday unveiled a $3.2 billion divestiture of its Chemetall coatings business to Germany-based chemicals company BASF, as the North Carolina-based specialty chemicals company trims off some assets it acquired in a deal last year.
Albemarle Corp. landed the Chemetall surface treatment business in July 2014, as part of its $6.2 billion acquisition of fellow chemical firm Rockwood Holdings Inc., according to a statement. The sale of the business to BASF is expected to drive value for shareholders by making Albemarle better able to invest in its core business, explained Luke Kissam, Albemarle's president and...
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