CHARLOTTE, N.C., Oct. 25,
2022 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a leader in the global specialty chemicals industry,
announced today that its subsidiary, Albemarle Lithium UK Limited,
has completed the acquisition of Guangxi Tianyuan New Energy
Materials Co., Ltd. ("Tianyuan") for approximately $200 million.
A definitive agreement to acquire all outstanding equity from
Tianyuan's shareholders was announced in September 2021.
Located near the Port of Qinzhou in Guangxi, Tianyuan's operations include a
lithium conversion plant with a designed annual conversion capacity
of up to 25,000 metric tons LCE and can produce battery-grade
lithium carbonate and lithium hydroxide.
"The addition of Tianyuan's operations to Albemarle's high-quality lithium assets
strengthens our ability to reliably meet the increasing global
demand for battery-grade lithium," said Kent Masters, Albemarle CEO. "We welcome
the Tianyuan team's support as we help our customers and the world
transition to more sustainable energy use."
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty
chemicals company with leading positions in lithium, bromine and
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, its businesses, and
the markets it serves.
Forward-Looking Statements
Some of the information presented in this press release,
including, without limitation, information related to the
transaction, plans and anticipated benefits in relation to the
transaction, and all other 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 herein. Factors that could cause 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 priorities, financial,
and operating performance of Albemarle's major customers and industries and
markets served by Albemarle; the
timing of orders received from customers; the gain or loss of
significant customers; competition from other manufacturers;
changes in the demand for Albemarle's products or the end-user markets
in which its products are sold; the availability of financing; the
satisfaction of conditions to completion, including regulatory
approvals; the occurrence of regulatory actions, proceedings,
claims, or litigation; and the other factors detailed from time to
time in the reports Albemarle
files with the SEC, including those described under "Risk Factors"
in its Annual Report on Form 10-K and its Quarterly Reports on Form
10-Q. These forward-looking statements speak only as of the date of
this press release. We assume 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