Albemarle Corporation Enters into Letter of Intent to Acquire Sorbent Technologies Corporation

15-Apr-2008

Albemarle Corporation and Sorbent Technologies Corporation jointly announced that they have signed a letter of intent for Albemarle to acquire Sorbent Technologies, a full-service power plant mercury control provider.

The transaction will be an all-cash transaction in which the shareholders of Sorbent Technologies could receive approximately $5.75 per share of common stock, which represents an aggregate purchase price of $20 million plus certain anticipated adjustments. The completion of the transaction is subject to certain typical conditions, including Sorbent Technologies shareholder approval.

"Escalating energy demands and the global call for environmentally sound power generation have converged to present tremendous opportunity for Albemarle's leading bromine chemistry, as utilities and industrial plants seek cost-effective solutions to reduce emissions," said Mark C. Rohr, president and chief executive officer. "Mercury removal from coal-fired power plants is an important focus area for utilities, and Sorbent Technologies has been a pioneer in using bromine-based mercury control solutions to meet this challenge. Their 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. This acquisition complements our existing green solutions portfolio and our ongoing mission to provide innovative, yet viable, clean energy products and services to the marketplace."

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