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Charlotte, NC, August 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 (GBUs) into a new corporate structure to develop the capabilities needed to better meet and serve customer needs. Competitive international environment. The move follows the company’s recent decision to reorganize Catalyst into a named and wholly owned subsidiary.
Albemarle There will be two main international business units:
- Albemarle SpecialistsThis GBU includes the existing bromine business as well as the lithium specialty business within the existing lithium business. This new GBU will focus on the company’s bromine complex and highly specialized lithium solutions, leveraging complementary competencies in organic chemistry, application expertise and process technology. Neta JohnsonThe current president of Bromine will become president of Albemarle Specialists.
- Albemarle Energy Storage: This GBU currently includes the hydroxide, carbonate, battery grade metal and advanced energy storage businesses within the 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 NorrisThe current president of Lithium will become president of Albemarle Energy Storage.
Albemarle CEO Kent Masters “These changes reflect Albemarle Let’s focus on growing our business, our people and our value by being agile in delivering innovative solutions that anticipate customer needs and meet tomorrow’s markets.
Organizational changes are expected to be effective for Albemarle Specialists and Albemarle Energy Storage. January 1, 2023. Starting in 2023, the company will report financially through the following segments: Energy Storage, Specialties and Catalysts.
In Care Of 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 empower 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 a range of world-class resources. Together with our highly experienced and talented global teams, deep-rooted values and 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 notifications of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information about our company, our businesses and the markets we serve.
Forward-looking statements
Certain information presented in this press release, including, without limitation, information relating to the timing and transition and benefits of the Company’s new portfolio model, the expected focus of the Company’s international business units, expected return to opportunities, and all information related to matters that are not historical facts in connection with the 1995 Private Securities Litigation Amendments may contain forward-looking statements within the meaning of the Act. Possible causes Albemarle Actual results that may differ from the views expressed or expressed in any forward-looking statement include, without limitation: changes in economic and business conditions; changes in the financial and operating performance of its principal customers and industries and markets; Time of orders received from customers; gaining or losing significant customers; Fluctuations in lithium market prices that could affect our revenues and profitability, particularly due to our exposure to indexation and variable rate contracts for the sale of battery-grade lithium. Changes regarding contract renegotiation; Lack of potential production volume; Competition from other manufacturers; changes in demand for the products or the end-user markets in which the products are sold; restrictions or prohibitions on the manufacture and sale of the products; Availability of raw materials; Increases in the cost of raw materials and energy, and the ability to pass on such increases to customers; Technological change and development, changes in the markets in general; Foreign currency exchange; changes in laws and government regulations affecting its business or products; regulatory actions, proceedings, claims or litigation (including under the US Foreign Corrupt Practices Act and foreign anti-corruption laws); occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; the impact of climate change, including any potential regulatory changes; Hazards associated with the production of chemicals; failure to maintain current insurance standards, including product or premises liability insurance, or denial of such coverage; political instability affecting the global economy, including the adverse effects of terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; Changes in accounting standards; inability to achieve results from global manufacturing cost reduction initiatives as well as continuous improvement and rationalization programs; changes in the mix of income jurisdictions and changes in tax laws and rates or interpretation; changes in monetary policies, inflation or interest rates that raise capital or increase the cost of funds, affect the performance of pension fund investments and increase pension costs and funding obligations; volatility and volatility in the debt and equity markets; its future decisions, including technological or intellectual property infringement, cyber-security breaches and other innovation risks; future acquisition and transfer transactions, including the successful execution of acquisitions, operations and integrations and additional liabilities; Uncertainty regarding the duration and impact of the Corona Virus (Covid-19) outbreak; Performance Albemarle Partners in joint ventures and other projects; Changes in credit standards; and others are listed from time to time in the reports Albemarle filings with the SEC, including those described under “Risk Factors.” Albemarle The most recent annual report on Form 10-K and any continuously filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle Except as required by warranty and other applicable laws, it undertakes no obligation to provide any revisions to any forward-looking statements if circumstances change.
Source Albemarle Corporation
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