, a manufacturer of engineered specialty chemicals, said Thursday it completed the sale of its Thann, France manufacturing facility to
International Chemical Investors S.A.
Under the terms of the deal, Albemarle transferred complete ownership of
Albemarle France S.A.S.
Albemarle PPC S.A.S.
, a producer and marketer of potassium, chlorine and other fine chemical products with about 265 employees and 2005 revenue of about 110 million euros, to ICIG.
Albemarle PPC has changed its name to Potasse et Produits Chimiques S.A.S.
As part of the deal, PPC will become the exclusive marketer in Europe of potassium hydroxide products produced by Albemarle's joint venture in Jordan, and will manufacture certain bromine fine chemical products for Albemarle at the Thann plant. All marketing activities of PPC will be conducted by a newly formed Belgian subsidiary, PPC International S.P.R.L.
The Richmond, Va.-based company said that it expects to record a pretax charge of about $90 million to $95 million in the third quarter related to the deal.
Albemarle's previously announced consultation process with the works council at Thann to potentially cease operations at this site has been cancelled, the company added.
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