CHARLOTTE, North Carolina, August 29, 2022 /PRNewswire/ — Albemarle Society (NYSE:ALB), a leader in the global specialty chemicals industry, today announced that following its strategic review of the company, Albemarle elected to keep its Catalysts business under a separate entity, to be named and wholly owned subsidiary of Albemarle. This structure is intended to enable the Catalysts business to respond more effectively to unique customer needs and global market dynamics while achieving its growth ambitions.
In response to the acceleration of the energy transition, the Catalysts business announced in September 2021 a reorganized strategy focused on new geographies India and South East Asiaattractive crude-to-chemical technologies, renewable diesel to serve a larger hydrotreated vegetable oil market, and pyrolysis oil processing for bio-oil (synthetic) fuel. Albemarle simultaneously announced a strategic review of the Catalysts business to determine how best to support its growth strategy.
During the exam, Albemarle considered a wide range of value creation opportunities for the Catalysts business, including a joint venture with a partner, spin-off or sale, or Albemarle keep the business. The company conducted due diligence with multiple parties, including strategic and financial sponsors, but ultimately determined that the best value for Albemarle was to hold the business as a separate entity.
“We believe there is significant value in the Catalysts business that can meet the changing global market needs and create growth for customers, employees and our shareholders,” said Albemarle CEO. . Masters of Kent. “We believe that keeping the company in this new structure is the best path to this outcome.”
The process of transferring the Catalysts business to its new legal structure is underway and should be finalized in approximately 18 months. The company will continue to be led by Raphael Crawfordcurrent President of the Catalysts Global Business Unit.
Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond the status quo to unlock the potential of businesses in many of the world’s most important and critical sectors, such as energy, electronics and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. Together with our highly experienced and talented global teams, deeply held values and collaborative customer relationships, we create value-added, performance-based solutions that enable a safer and more sustainable future.
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Some of the information set forth in this press release, including, but not limited to, information relating to the timing of the Catalysts business restructuring, the benefits and opportunities associated with the Catalysts business restructuring, return anticipation about 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 may cause from Albemarle actual results that differ materially from the expectations expressed or implied by any forward-looking statement include, but are not limited to: changes in economic and business conditions; changes in the financial and operating performance of its major customers and the industries and markets it serves; the timing of orders received from customers; the gain or loss of significant customers; fluctuations in lithium market prices, which could impact our revenues and profitability, including through our increased exposure to indexed and variable-price contracts for battery-grade lithium sales; changes regarding contract renegotiations; potential shortfalls in production volume; competition from other manufacturers; changes in 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 these increases on to its customers; technological evolution and development, the evolution of its markets in general; foreign currency fluctuations; changes in laws and governmental regulations affecting its operations or products; the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to US foreign corrupt practices law and foreign anti-corruption laws); the occurrence of cybersecurity breaches, terrorist attacks, industrial accidents or natural disasters; the effect of climate change, including regulatory changes to which it may be subject; risks associated with the manufacture of chemicals; failure to maintain current levels of insurance, including product or premises liability insurance, or denial of such coverage; political unrest 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; failure to achieve results from its global manufacturing cost reduction initiatives and ongoing improvement and streamlining programs; changes in the jurisdictional allocation of its profits and changes in tax laws and rates or their interpretation; changes in monetary policies, inflation or interest rates that may affect its ability to raise capital or increase the cost of its funds, affect the performance of its investments its pension fund and increase its pension costs and funding obligations; volatility and uncertainties in the debt and equity markets; violation of technology or intellectual property, including cybersecurity breaches and other innovation risks; decisions it might make in the future; future acquisition and divestiture transactions, including the ability to successfully execute, operate and integrate acquisitions and divestitures and incur additional debt; continuing uncertainties about the duration and impact of the coronavirus (COVID-19) pandemic; performance of from Albemarle partners in joint ventures and other projects; changes in credit ratings; and other factors detailed from time to time in the reports Albemarle filings with the SEC, including those described under “Risk Factors” in from Albemarle most recent annual report on Form 10-K any quarterly report subsequently filed on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide revisions to any forward-looking statements if circumstances change, except as otherwise required by securities and other applicable laws.