Albemarle acquires Sorbent Technologies for $22.5M
Friday August 1, 1:21 pm ET
Albemarle acquires mercury pollution control company Sorbent Technologies for $22.5 million
BATON ROUGE, La. (AP) -- Chemicals maker Albemarle Corp. said Friday that it has acquired mercury pollution control company Sorbent Technologies Corp. in an all-cash deal worth $22.5 million.
Shareholders of Sorbent Technologies, based in Twinsburg, Ohio, will receive about $6.43 per share.
Sorbent makes specialty brominated carbon absorbents and sorbent injection systems to help control mercury emissions from coal-fired power plants.
Sorbent shares rose 34 cents to $6.35 in trading Friday. The shares have been as low as $2.65 in the past year. The stock trades on the Pink Sheets.
Albemarle shares fell 10 cents to $38.63 in midday trading Friday. The shares have traded between $31.99 and $48.84 the past year.
Source: Associated Press
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