OM Group (OMG +9.1%) agrees to sell its advanced materials business for $325M to a JV that...

|About: OM Group, Inc. (OMG)|By:, SA News Editor

OM Group (OMG +9.1%) agrees to sell its advanced materials business for $325M to a JV that includes Freeport McMoRan (FCX); OMG says it also may receive up to an additional $110M based upon certain revenue targets over a three-year period. OMG says the sale is in line with its strategy to shift toward technology-based businesses with attractive growth prospects and more predictable profits.