CHARLOTTE, N.C., Aug. 30,
2022 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a leader in the global specialty chemicals industry, today
announced that it will realign its Bromine and Lithium global
business units (GBU) into a new corporate structure designed to
better meet customer needs and foster talent required to deliver in
a competitive global environment. The move follows the recent
announcement of the company's decision to reorganize Catalyst under
a to-be-named, wholly owned subsidiary.
Albemarle's two core global
business units will become:
- Albemarle Specialties: This GBU will include the current
Bromine business as well as the Lithium Specialties business in the
current Lithium business. This new GBU will focus on the company's
suite of bromine and highly specialized lithium solutions which
benefit from complementary competencies in organic chemistry,
application knowledge, and process technology. Netha Johnson, current president of Bromine,
will become president of Albemarle Specialties.
- Albemarle Energy Storage: This GBU will include the
Hydroxide, Carbonate, Battery Grade Metal, and Advanced Energy
Storage businesses in the current Lithium business. This new GBU
will focus on the markets, customers, resources, production, and
advanced metals research needed to advance lithium-ion battery
evolution and the global energy transition. Eric Norris, current president of the Lithium,
will become president of Albemarle Energy Storage.
Albemarle CEO Kent Masters
stated, "These changes reflect Albemarle's focus on growing our business, our
people, and our value by being agile in providing innovative
solutions that anticipate customer needs and meet the markets of
tomorrow."
Organizational changes for Albemarle Specialties and Albemarle
Energy Storage are expected to be effective January 1, 2023. Beginning in 2023, the company
will financially report through the following segments: energy
storage, specialties, and catalysts.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals
company with leading positions in lithium, bromine, and refining
catalysts. We think beyond business as usual to power the potential
of companies in many of the world's largest and most critical
industries, such as energy, electronics, and transportation. We
actively pursue a sustainable approach to managing our diverse
global footprint of world-class resources. In conjunction with our
highly experienced and talented global teams, our deep-seated
values, and our collaborative customer relationships, we create
value-added and performance-based solutions that enable a safer and
more sustainable future.
We regularly post information to www.albemarle.com, including
notification of events, news, financial performance, investor
presentations and webcasts, non-GAAP reconciliations, SEC filings
and other information regarding our company, our businesses, and
the markets we serve.
Forward-Looking Statements
Some of the information presented in this press release, including,
without limitation, information related to the timing and
transition to, and the benefits of, the Company's new portfolio
model, the expected focus of the company's global business units,
anticipated return on opportunities, and including all information
relating to matters that are not historical facts may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ materially from the views expressed. Factors that could
cause Albemarle's actual results
to differ materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: changes in
economic and business conditions; changes in financial and
operating performance of its major customers and industries and
markets served by it; the timing of orders received from customers;
the gain or loss of significant customers; fluctuations in lithium
market pricing, which could impact our revenues and profitability
particularly due to our increased exposure to index-referenced and
variable-priced contracts for battery grade lithium sales; changes
with respect to contract renegotiations; potential production
volume shortfalls; competition from other manufacturers; changes in
the demand for its products or the end-user markets in which its
products are sold; limitations or prohibitions on the manufacture
and sale of its products; availability of raw materials; increases
in the cost of raw materials and energy, and its ability to pass
through such increases to its customers; technological change and
development, changes in its markets in general; fluctuations in
foreign currencies; changes in laws and government regulation
impacting its operations or its products; the occurrence of
regulatory actions, proceedings, claims or litigation (including
with respect to the U.S. Foreign Corrupt Practices Act and foreign
anti-corruption laws); the occurrence of cyber-security breaches,
terrorist attacks, industrial accidents or natural disasters; the
effect of climate change, including any regulatory changes to which
it might be subject; hazards associated with chemicals
manufacturing; the inability to maintain current levels of
insurance, including product or premises liability insurance, or
the denial of such coverage; political unrest affecting the global
economy, including adverse effects from terrorism or hostilities;
political instability affecting our manufacturing operations or
joint ventures; changes in accounting standards; the inability to
achieve results from its global manufacturing cost reduction
initiatives as well as its ongoing continuous improvement and
rationalization programs; changes in the jurisdictional mix of its
earnings and changes in tax laws and rates or interpretation;
changes in monetary policies, inflation or interest rates that may
impact its ability to raise capital or increase its cost of funds,
impact the performance of its pension fund investments and increase
its pension expense and funding obligations; volatility and
uncertainties in the debt and equity markets; technology or
intellectual property infringement, including cyber-security
breaches, and other innovation risks; decisions it may make in the
future; future acquisition and divestiture transactions, including
the ability to successfully execute, operate and integrate
acquisitions and divestitures and incurring additional
indebtedness; continuing uncertainties as to the duration and
impact of the coronavirus (COVID-19) pandemic; performance of
Albemarle's partners in joint
ventures and other projects; changes in credit ratings; and the
other factors detailed from time to time in the reports
Albemarle files with the SEC,
including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K any subsequently filed Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date of this press
release. Albemarle assumes no
obligation to provide any revisions to any forward-looking
statements should circumstances change, except as otherwise
required by securities and other applicable laws.
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SOURCE Albemarle Corporation