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.