Business News
Albemarle Corporation Acquires Sorbent Technologies Corporation
Friday 01. August 2008 - Albemarle adds mercury-control products, services to clean energy portfolio
Leading specialty chemicals maker Albemarle Corporation (NYSE:ALB) has acquired full-service power plant mercury-control provider Sorbent Technologies Corporation (Pink Sheets: SORB). The transaction closed on July 31 following approval of the transaction by Sorbent Technologies shareholders at a meeting held on July 24.
The acquisition was an all-cash transaction in which the shareholders of Sorbent Technologies received $6.4326 per share of common stock, which represents an aggregate purchase price of approximately $22,500,000.
Sorbent Technologies invented and supplies specialty brominated carbon adsorbents (sorbents) and advanced sorbent injection systems to help control mercury emissions from coal-fired power plants. (Mercury is emitted to the environment when coal is burned to generate electricity.) Sorbent Technologies 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.
Sorbent Technologies’ specialty materials have been shown to remove from 80 to more than 90 percent of the vaporous mercury from power plant smokestacks, on average, in power-plant trials and in day-to-day use at customers’ utility sites. Recently, another major U.S. power generator has selected Sorbent Technologies to supply its proprietary sorbents through 2012.
“Mercury removal from coal-fired power plant emissions is an important focus area for utilities, and Sorbent Technologies has been a pioneer in using bromine-based mercury-control solutions to meet this need,” said Albemarle Chairman, President and Chief Executive Officer Mark C. Rohr.
“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,” Rohr continued. “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.”