BASF to buy Albemarle's Chemetall surface treatment unit for $3.2B

• Albemarle (NYSE:ALB) agrees to sell its Chemetall surface treatment business to BASF (OTCQX:BASFY) for $3.2B.
• ALB acquired Chemetall, a supplier of specialty chemicals used in surface treatment of metals and plastics, as part of its purchase of Rockwood Holdings in 2014.
• ALB says the sale will help it invest “in the future growth of our high-priority businesses,” reduce leverage and return capital to shareholders.
• Chemetall reported $52.5M in EBITDA during Q1, up 14% Y/Y.