Albemarle to Purchase Specialty Chemicals Business
May 8, 2001
Albemarle Corp. has signed an agreement in principle to purchase for approximately $44 million Martinswerk GmbH, a specialty chemicals company, including manufacturing facilities and headquarters in Bergheim, Germany, and Martinswerk's 50% stake in Magnifin Magnesia Produkte GmbH, which has manufacturing facilities at St.Jakobs/Breitenau, Austria. The sale, which is subject to regulatory approval, is expected to be completed May 31, 2001. Martinswerk had annual sales in 2000 of about $100 million in three businesses.