US Albemarle completes $6.2bn purchase of Rockwood

HOUSTON (ICIS)–Albemarle has completed its acquisition of Rockwood Holdings, the US specialty chemicals firm said on Monday.

“Today is a great day for Albemarle as we welcome our new employees and join forces to create a premier specialty chemicals company,” said Albemarle CEO Luke Kissam.

Under the terms of the previously announced $6.2bn cash and stock deal, Kissam will head the combined company with an 11-person board made up of eight Albemarle directors and three Rockwood directors.

The US antitrust review period for the transaction expired in October and shareholders approved the deal in November.

Under the deal, Rockwood becomes a wholly-owned subsidiary of Albemarle, creating a specialty firm with leading market positions in lithium, catalysts, bromine and surface treatments.

Additional reporting by Tom Brown