Albemarle to raise $660 million in catalyst sales

Albemarle Corp. is reducing its exposure to the refining catalyst business as the world’s biggest lithium producer looks to cut debt and generate cash at a time of persistently low prices of the key battery metal.

The Charlotte, North Carolina-based firm agreed to sell a controlling stake in Ketjen Corp.’s refining catalyst solutions business to private equity firm KPS Capital Partners LP, according to a statement Monday. Separately, Albemarle will sell its 50% interest in the Eurecat joint venture to Axens SA.

The transactions are expected to generate proceeds of about $660 million for Albemarle to reduce debt and other general corporate purposes at a time when its main industry, lithium, is grappling with a lingering oversupply that has squeezed margins and seen producers cut back.

Albemarle will retain 49% of the Ketjen refining catalyst business and full ownership of Ketjen’s performance catalyst business, including a plant in Pasadena, Texas. Goldman Sachs is acting as exclusive financial adviser and K&L Gates LLP is acting as legal adviser on both transactions for Albemarle. They’re expected to be completed in the first half of 2026.

Eurecat focuses on the regeneration of spent catalysts, and services around catalysts in refining and petrochemicals.

Albemarle shares, up 13% over the past year, were down slightly before the start of regular trading on Monday.

(By James Attwood)