Albemarle To Retain Catalysts Business Under Separate, To-be-named Entity

(RTTNews) - Specialty chemicals company Albemarle Corp. (ALB) announced Monday that it has decided, following a strategic review, to retain its Catalysts business under a separate, to-be-named entity and wholly owned subsidiary.

The new structure is expected to allow the Catalysts business to respond to unique customer needs and global market dynamics more effectively while also achieving its growth ambitions.

The company said the process to move the Catalysts business to its new legal structure is underway and is expected to be finalized in around 18 months.

The business will continue to be led by Raphael Crawford, current president of the Catalysts global business unit.

The Catalysts business in September 2021 announced a retooled strategy focused on new geographies in India and Southeast Asia, as well as attractive crude-to-chemical technologies, renewable diesel to serve a larger hydrotreated vegetable oil market, and pyrolysis oil treatment for bio-oil (synthetic) fuel.

Simultaneously, Albemarle announced a strategic review of the business to determine the best way to support its strategy for growth. The company considered various options including a joint venture with a partner, a spin-off or sale, or Albemarle retaining the business.

Albemarle CEO Kent Masters now said, "We believe that retaining the business under this new structure is the best path to that outcome."