Friday, specialty chemicals maker Albemarle Corp. (ALB), announced that it acquired full-service power plant mercury-control provider Sorbent Technologies Corp. (SORB.PK) for about $22.5 million in cash. Under the agreement, shareholders of Sorbent Technologies received $6.4326 per share of common stock.
Commenting on the deal, Mark Rohr, President and Chief Executive Officer of Albemarle said, "Sorbent's proprietary and comprehensive technologies will broaden our current bromine offerings, and allow us to bring innovative, turnkey solutions to utilities and other bromine-based mercury solutions providers in the industry. This business complements our existing green solutions portfolio and our ongoing mission to provide innovative and viable clean energy products and services to the marketplace."
Sorbent Technologies is the inventor and supplier of specialty brominated carbon adsorbents, and advanced sorbent injection systems to help control mercury emissions from coal-fired power plants. It also provides full-scale site-trial services to aid environmental and operations managers in developing long-term strategies for compliance with state and federal mercury regulations.
The transaction was closed on July 31 following approval by Sorbent shareholders.
ALB closed Friday's trading session on NYSE at $38.41, down $0.52, or 1.34%.
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