Commenting on the transaction, Albemarle’s President and CEO Luke Kissam said, “The sale of Chemetall reflects Albemarle’s continued commitment to maximizing shareholder value by investing in the future growth of our high priority businesses, reducing leverage and returning capital to shareholders. I would like to thank the Chemetall management team and employees for their exceptional performance and professionalism. For BASF, the purchase of Chemetall represents a unique opportunity to acquire an industry-leading surface treatment business with a proven track record of success.”
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year end. The transaction value is subject, at closing, to reduction for certain underfunded and unfunded pension obligations and further adjustment for cash, indebtedness of the business, and variation, if any, of working capital versus a targeted amount.
BofA Merrill Lynch is acting as exclusive financial advisor to Albemarle and Shearman & Sterling LLP is acting as its legal advisor in connection with this transaction.
