Specialty chemicals firm Albemarle Corp. announced Monday that it plans to shift its Catalysts business into a separate company-owned subsidiary following a strategic review. The firm said the move will enable it to better respond to changes in the market.

“We are confident that there is significant value in the Catalysts business that can address the needs of the evolving global market and create growth for customers, employees, and our shareholders,” Kent Masters, chief executive officer of Albemarle, said in a company release. “We believe that retaining the business under this new structure is the best path to that outcome.”

The company debuted a new strategy for its Catalysts business in September 2021 to hone its focus on growth in India and Southeast Asia and revealed plans for the strategic review the same month.

A variety of value creation opportunities for the business were explored, including a joint venture with a partner, a spin-off or sale, or keeping the business. After conducting due diligence with several parties, Albemarle decided to retain the Catalysts business as a separate entity.

Albemarle is currently working to implement the the new legal structure and expects the process to reach completion in 18 months. Raphael Crawford, who currently serves as president of the Catalysts global business unit, will continue to lead the business.