Albemarle plant photo

Albemarle Corp.’s pharmaceutical plant in South Haven has been operating for more than 40 years. The corporation announced Friday it plans to sell the plant to Columbia, Md.-based international chemical firm W.R. Grace & Co. Albemarle had been looking for a buyer for its South Haven plant since 2015.

SOUTH HAVEN — Albemarle Corp. announced nearly six years ago that it planned to sell its South South Haven plant. Now the company has a buyer.

Columbia, Md.-based chemical company W. R. Grace & Co. has entered into an agreement to acquire the Fine Chemistry Services division of Albemarle Corp. for approximately $570 million, according to a news release issued by Albemarle on Friday. The Fine Chemistry Services division consists of Albemarle’s South Haven plant and another plant in Tyrone, Pa. The sale includes $300 million paid in cash at the closing, with the remaining $270 million funded through the issuance to Albemarle of a new Grace subsidiary.