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June 17, 2016, 7:05 a.m. EDT

CORRECT: Albemarle to sell Chemetall business for $3.2 billion

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By Tomi Kilgore

ALB

Albemarle Corp. /zigman2/quotes/200578017/composite ALB -1.36% announced Friday an agreement to sell its Chemetall Surface Treatment business for $3.2 billion in cash to Germany-based BASF SE. The sale of the business, which Albemarle acquired as part of its purchase of Rockwood Holdings in January 2015, is expected to be completed by the end of the year. Chemetall is a supplier of surface treatments for metal, plastic and glass substrates. Albemarle's stock, which was still inactive in premarket trade, has run up 43% year to date, while the S&P 500 has gained 1.7%. (This replaces an earlier item that had misspelled Albemarle.)

/zigman2/quotes/200578017/composite
US : U.S.: NYSE
$ 235.98
-3.25 -1.36%
Volume: 1.11M
May 18, 2022 4:00p
P/E Ratio
99.22
Dividend Yield
0.67%
Market Cap
$28.02 billion
Rev. per Employee
$604,399
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