Albemarle Corp. has announced that it has signed a definitive agreement to sell its Tribotecc metal sulfides business to Treibacher Industrie AG, an international leading player in the chemistry and metallurgy sectors. Sites in Vienna and Arnoldstein, Austria and Tribotecc's proprietary sulfide synthesis process are also included in the transaction.
Albemarle's President and CEO, Luke Kissam, commented: "This transaction furthers Albemarle's strategic plan of focusing on our core bromine, lithium, catalysts and surface treatment businesses. This sale represents the optimal choice to maximize shareholder value for Albemarle while positioning Tribotecc to extend its track record of industry leadership, excellent customer service, and success going forward. I expect the strong foundation built by the Tribotecc team will enable continued success under new ownership."
"Today's announcement is another step in Treibacher's business development and continues our growth strategy," CFO Rainer Schmidtmayer said in a statement. "The acquisition of a global leading manufacturer of metal sulfides, located here in Carinthia, aligns with our long-term strategy to be an Austrian based innovative leader in high performance materials, providing high-quality products for differentiated markets worldwide."
The sale is subject to customary closing conditions and is anticipated to close by the end of 2015. Financial terms of the transaction were not disclosed. BofA Merrill Lynch is acting as exclusive financial advisor to Albemarle in connection with this transaction.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/09112015/albemarle-corp-to-sell-its-tribotecc-metal-sulfides-business-1700/