Albemarle Corporation (ALB.US) sells Ketjen and Eurecat equity for $660 million, focusing on core businesses of lithium and bromine.

On Monday, ALB.US announced that it has reached two equity sale agreements worth approximately $660 million: selling 51% of its Ketjen refinery catalyst solutions business to KPS Capital Partners, and transferring its 50% stake in the European catalyst joint venture Eurecat to the French company Axens. After the transaction is completed, ALB.US and KPS Capital Partners will respectively hold 49% and 51% of Ketjen. Meanwhile, ALB.US will retain 100% of Ketjen's high-performance catalyst solution business (PCS), including the PCS production facility in Pasadena, Texas. Ketjen is a global manufacturer of advanced catalyst solutions, whose products convert, process, and purify crude oil and renewable materials into fuels and chemicals, widely used in the petrochemical, transportation, construction, and agriculture sectors. ALB.US said that the funds from the transaction will be used to reduce debt and for general corporate purposes. This move is part of the company's strategic focus adjustment, aimed at further focusing on its two core business segments of lithium and bromine.