Albemarle ( ALB - Get Report), a developer, manufacturer and marketer of engineered specialty chemicals, signed an agreement with DSM Pharmaceutical Products to purchase the assets associated with DSM's South Haven, Mich., facility.

The acquisition is expected to be completed by Sept. 30, the Richmond, Va.-based company said. Terms of the deal were not released.

"The South Haven acquisition is another key move in our ongoing efforts to reposition the Fine Chemicals division around services and higher value activities," the company added. "Our recent growth in fine chemistry services will benefit from South Haven's expertise and capabilities in cGMP development and manufacturing."

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