Albemarle to sell Ketjen controlling stake, Eurecat stake in deals totaling $660M

[Lithium abstract concept]
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Albemarle (NYSE:ALB [https://seekingalpha.com/symbol/ALB]) said Monday it agreed to sell [https://seekingalpha.com/pr/20279919-albemarle-announces-sale-of-a-controlling-stake-in-ketjen-to-kps-capital-partners] a 51% stake in its Ketjen refining catalyst solutions business to KPS Capital Partners and its 50% interest in the Eurecat joint venture to France's Axens in deals worth ~$660 million.

Albemarle (NYSE:ALB [https://seekingalpha.com/symbol/ALB]) and KPS will own 49% and 51% of Ketjen at close, respectively, while Albemarle will retain 100% of Ketjen's Performance Catalyst Solutions business, including the PCS plant in Pasadena, Texas.

Ketjen is a global manufacturer of advanced catalyst solutions used to transform, process and de-contaminate crude oil and renewable feedstocks into fuels and chemicals for a wide range of applications, including petrochemicals, transportation, building and agriculture.

Albemarle (ALB [https://seekingalpha.com/symbol/ALB]) said it plans to use the sale proceeds for debt reduction and general corporate purposes as part of its effort to refocus on its core lithium and bromine units.

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