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Albemarle Corporation (NYSE:ALB), a supplier of materials used in mobility, energy, connectivity, and health applications, has entered into a definitive agreement to sell a controlling interest in Ketjen Corporation’s refining catalyst solutions business to KPS Capital Partners, LP.
KPS will acquire a 51% stake in Ketjen, gaining majority board representation and operational control, while Albemarle will retain a 49% ownership interest. The transaction is part of Albemarle’s plan to streamline its portfolio and strengthen financial flexibility.
In a separate deal, Albemarle will sell its 50% stake in the Eurecat joint venture to Axens SA, a process and catalysis company based in France.
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The two transactions together are expected to generate about $660 million in pre-tax cash proceeds, which Albemarle plans to use for debt reduction and general corporate purposes. Both transactions are subject to regulatory approvals and are expected to close in the first half of 2026.
Albemarle will continue to own 100% of Ketjen Corporation’s Performance Catalyst Solutions (PCS) business, including its facility in Pasadena, Texas.
“We have been impressed with KPS and their proven expertise in managing large, global manufacturing and industrial businesses,” said Kent Masters, chairman and CEO of Albemarle. “Albemarle’s retained stake in Ketjen highlights our belief in the business’s earnings growth and value creation potential under KPS’ direction, and we look forward to partnering with them in driving Ketjen’s next phase of growth. These transactions align with Albemarle’s strategic priorities to focus on our core businesses and competencies, improve financial flexibility, and streamline operations.”
Raquel Vargas Palmer, Managing Partner of KPS, said, “We are thrilled to make a controlling investment in Ketjen and partner with Albemarle in this next phase of growth for Ketjen. We will leverage KPS’s decades of global manufacturing experience to create an entrepreneurial culture centered on innovation and continuous improvement, while providing strategic support and capital to accelerate the company’s growth opportunities.”
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Albemarle, and K&L Gates LLP is acting as legal counsel.
Price Action: ALB shares were trading lower by 6.19% to $99.10 at last check Monday.
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Posted In: ALB
