Three chemical firms complete deals

Three chemical makers have wrapped up sales intended to fine-tune their business portfolios. Albemarle has completed the sale of its fine chemistry services unit to W. R. Grace for about $570 million. The sale leaves Albemarle focused on lithium, bromine, and refining catalysts. Grace, which struck the deal while being pursued and acquired by the investment firm Standard Industries, says the purchase will expand its pharma and consumer business, its most profitable segment. Meanwhile, Lanxess has completed the sale of its organic leather chemical business to TFL Ledertechnik, a German leather chemical specialist, for as much as $260 million if all milestones are reached. Lanxess had sold its business in chrome chemicals, also used in leather tanning, last year. And BASF has completed the sale of its plant in Kankakee, Illinois, which makes surfactants and natural vitamin E, to One Rock Capital Partners. The investment firm has renamed the business Kensing, honoring its long history on Kensington Avenue in Kankakee.