MOSCOW (MRC) -- Albemarle Corporation has announced the successful completion of the previously announced sale of its antioxidant, ibuprofen and propofol businesses and related assets to SI Group, Inc., reported the company on its site.
The transaction includes manufacturing sites in Orangeburg, South Carolina and Jinshan, China. Certain applications and technical support capabilities located in Shanghai, China and Baton Rouge, Louisiana were also included in the transaction.
Financial terms of the transaction were not disclosed.
As MRC reported earlier, Albemarle and ICL have recently entered into an agreement to establish a manufacturing joint venture for the production of ICL's FR-122P polymeric flame retardant and Albemarle's GreenCrest polymeric flame retardant.
These flame retardants are designed to replace hexabromocyclododecane (HBCD). HBCD has been the leading flame retardant used in expanded (EPS) and extruded (XPS) polystyrene foam applications, but is being phased out in the European Union (EU), Japan and other countries. The joint venture and its partners will own and operate a 2,400-tpy Netherlands plant, which is currently operating, and a 10,000-tpy Israel plant, which is scheduled to start operations in the fourth quarter of 2014.
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer, and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services.
MRC