OM Group, Inc. ( OMG ) said Friday that it has completed the divestiture of its Advanced Materials business, including the sale of its downstream business, to a joint venture held by Freeport-McMoRan Copper & Gold Inc. (FCX), Lundin Mining Corp. (LUN, LUN.TO) and La Generale des Carrieres et des Mines. OM Group received cash consideration of $325 million, plus about $30 million for cash retained in the business, upon the closing of the deal. OM Group expects to use the proceeds, along with cash on-hand, to repay a substantial portion of its debt. The sale agreements also provide for potential future cash consideration of up to an additional $110 million based on the business achieving certain revenue targets over a period of three years.