Albemarle Corp. signed a definitive agreement to sell its polyolefin catalysts and components business to W. R. Grace & Co. for about US$416 million in cash.
The company said Dec. 14 that it will continue to hold the organometallics and curatives portions of its performance catalysts solutions business.
As part of the transaction, Grace will assume the lease and operations at a product development center in Baton Rouge, La., and operations at the Yeosu, South Korea site.
The transaction is expected to close during the first quarter of 2018.
Albemarle's net income attributable to shareholders totaled US$118.7 million, or US$1.06 per share, in the third quarter, slipping from net income of US$128.2 million, or US$1.13 per share, a year ago.