Albemarle Announces Alignment of New Global Business Unit

CHARLOTTE, North Carolina, August 30, 2022 /PRNewswire/ — Albemarle Society (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 designed to better meet the customer needs and fostering the talent needed to deliver in a competitive global environment. This move follows the company’s recent announcement of the decision to reorganize Catalyst under a wholly owned subsidiary to be named.

from Albemarle two main global business units will become:

  • Albemarle specialties: This GBU will include the current Bromine activity as well as the Specialties Lithium activity in the current Lithium activity. This new GBU will focus on the company’s suite of highly specialized bromine and lithium solutions that benefit from complementary skills in organic chemistry, applications knowledge and process technology. Netha Johnsoncurrent 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 within the current Lithium business. This new GBU will focus on the markets, customers, resources, production and advanced metals research needed to advance the evolution of lithium-ion batteries and the global energy transition. Eric Norriscurrent president of Lithium, will become president of Albemarle Energy Storage.

CEO of Albemarle Masters of Kent said: “These changes reflect from Albemarle focus on growing our business, our people and our value by being agile in delivering innovative solutions that anticipate customer needs and respond to tomorrow’s markets. »

Organizational changes for Albemarle Specialties and Albemarle Energy Storage should be effective January 1, 2023. From 2023, the company will report financially on 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 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.

We regularly post information to, including event notifications, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information about our company, our business and the markets we serve.

Forward-looking statements
Some of the information presented in this press release, including, but not limited to, information relating to the timing and transition to, and benefits of, the Company’s new portfolio model, the expected direction of global business units of the company, expected return on opportunities, and include 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 may differ noticeably of the opinions 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 Act 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.

SOURCEAlbemarle Corporation

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