Albemarle To Sell Majority Stake In Ketjen’s Refining Catalyst Business To KPS Capital Partners
Synopsis
The company said that Albemarle and KPS, through affiliates, will own about 49% and 51% of Ketjen at close, respectively.
Albemarle Corp. (ALB) said on Monday it would sell a controlling stake in Ketjen Corporation's refining catalyst solutions business to KPS Capital Partners.
The company said that Albemarle and KPS, through affiliates, will own about 49% and 51% of Ketjen at close, respectively. KPS will hold a majority of the board seats and operational control of Ketjen.
Shares of Albemarle were down by more than 1% in premarket trading. The company said it would retain 100% of Ketjen Corporation's Performance Catalyst Solutions business, including its Pasadena, Texas, plant.
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