Specialty chemical maker Albemarle has further severed ties with Baton Rouge, where it was formerly headquartered, by completing the sale of its polyolefin catalysts and components business.
In a first quarter earnings report released Wednesday afternoon, the company—which moved its headquarters to Charlotte, North Carolina, in 2016—says its previously announced $416 million deal with W.R. Grace & Co. closed on April 3.
The purchase by the Maryland-based company includes Albemarle’s product development center in Baton Rouge as well as operations at a South Korea site.
Last year, Albemarle closed its corporate office in downtown Baton Rouge and moved upwards of 200 employees to North Carolina.
Albemarle reports first quarter net sales of $821.6 million and earnings of $131.8 million, up from $51.2 million in earnings during the first quarter last year.