Albemarle Corporation is selling a 51% controlling stake in its Ketjen refining catalyst solutions business to KPS Capital Partners and its entire 50% interest in the Eurecat joint venture to Axens SA, a combined deal expected to yield approximately $660 million in pre-tax proceeds.
Albemarle Corporation, a leading global provider of essential elements for mobility, energy, connectivity, and health, announced portfolio restructuring today with the sale of controlling interests in its catalyst businesses. The company has entered into definitive agreements to sell a 51% controlling stake in its Ketjen Corporation refining catalyst solutions business to KPS Capital Partners LP and its entire 50% stake in the Eurecat joint venture to Axens SA. These combined transactions are expected to deliver approximately $660 million in total pre-tax cash proceeds to Albemarle.
Under the agreement for Ketjen, KPS will acquire a 51% majority ownership and operational control, including a majority of the Board of Directors. Albemarle will retain a substantial 49% minority stake in the refining catalyst solutions business. Crucially, Albemarle will retain 100% ownership of Ketjen Corporation's Performance Catalyst Solutions (PCS) business, including the PCS plant located in Pasadena, Texas.
Kent Masters, Chairman and CEO of Albemarle, expressed confidence in the new partnership, stating, "We have been impressed with KPS and their proven expertise in managing large, global manufacturing and industrial businesses." He added that Albemarle’s retained stake reflects its belief in Ketjen’s growth potential under KPS's direction. "These transactions align with Albemarle's strategic priorities to focus on our core businesses and competencies, improve financial flexibility, and streamline operations," Masters said.
Raquel Vargas Palmer, Managing Partner of KPS, confirmed the firm's commitment to the new venture, noting, "We will leverage KPS' decades of global manufacturing experience to create an entrepreneurial culture centered on innovation and continuous improvement, while providing strategic support and capital to accelerate the Company's growth opportunities."
In a separate but complementary transaction, Albemarle is completely divesting its 50% interest in the Eurecat joint venture to its partner, Axens SA. This move completes the streamlining of Albemarle's catalyst portfolio, allowing the company to redirect resources to high-growth areas.
Both the Ketjen and Eurecat transactions are subject to customary closing conditions and regulatory approvals and are anticipated to close in the first half of 2026. The combined sales underscore Albemarle's aggressive push to refine its asset base and strengthen its position as a focused global leader in essential elements.
The divestiture aligns with Albemarle's stated strategic priorities to concentrate on its core operations, improve financial flexibility, and streamline its global footprint. The company intends to utilize the proceeds primarily for debt reduction and other general corporate purposes.
