Albemarle Corporation announced that it has signed a definitive agreement to sell certain assets to SI Group, a global developer and manufacturer of chemical intermediates, specialty resins, and solutions. Included in the transaction are Albemarle's antioxidants and FDA-regulated ibuprofen and propofol businesses and assets, with manufacturing sites in Orangeburg, South Carolina and Jinshan, China; and Albemarle's antioxidant product lines. Certain applications and technical support capabilities in Shanghai, China and Baton Rouge, Louisiana will also be included in the transaction. Albemarle's antioxidants include the Ethanox line of lubricant antioxidants. Terms of the transaction were not disclosed.

Albemarle's President and CEO, Luke Kissam, said, "This transaction is the next step in our previously announced realignment and reflects our commitment to growing in a sustainable manner through increased focus on maximizing the value of and growing our core businesses. With this transaction, we are placing the antioxidants, ibuprofen and related businesses in the hands of a company with a long history and a proven record of successful integrations and growth. This sale represents the optimal choice to maximize value for our shareholders while positioning these businesses to extend their track record of industry leadership and success going forward."

The acquisition is subject to customary closing conditions and is expected to close later in 2014.

Albemarle Corporation, headquartered in Baton Rouge, Louisiana, employs approximately 3,900 people and serves customers in approximately 100 countries.

SI Group, founded in 1906 and headquartered in Schenectady, New York, is a family-owned company with facilities in 10 countries.