Ethyl Corp. announced yesterday that it has sold its phenolic antioxidants business to former spinoff Albemarle Corp.
The deal covers a family of antioxidants and blends used to extend the storage life and thermal stability of a broad range of lubricant and fuel products. Ethyl said it sold the business to shore up its finances. The Richmond, Va., additive company had sales of $708 million in petroleum additives in 2001. It seems to have climbed out of the red after downsizing in 2000 and 2001 but is still working to reduce its debt.