CHARLOTTE, NC, August 30, 2022 /PRNewswire/ — Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will reorganize its global bromine and lithium business units (GBU) into a new corporate structure designed to better meet the needs of customers and to foster the talent required to deliver in a competitive global environment. The move follows the company’s recent announcement of its decision to reorganize Catalyst under a named, wholly-owned subsidiary.
Albemarle’s two main global business units will become:
- Albemarle Specialties: This GBU will incorporate the current Bromine business as well as the Lithium Specialties business into the current Lithium business. This new GBU will focus on the company’s highly specialized bromine and lithium solutions group, which benefit from complementary competencies in organic chemistry, application know-how and process technology. Netha Johnsoncurrent president of Bromine, will become president of Albemarle Specialties.
- Albemarle Energy Storage: This GBU will incorporate the hydroxide, carbonate, battery grade metal and advanced energy storage businesses into the current lithium business. This new GBU will focus on the markets, customers, sourcing, 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 Kent Masters stated, “These changes reflect Albemarle’s we 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 for Albemarle Specialties and Albemarle Energy Storage are expected to be effective January 1, 2023. Starting in 2023, the company will report financially through the following segments: energy storage, specialties and catalysts.
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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 collaboration with our highly experienced and talented global teams, our deep-rooted 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 on www.albemarle.com, including event announcements, 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 of the information presented in this press release, including, without limitation, information regarding the timing and transition to, and benefits of, the Company’s new portfolio model, the expected focus of the Company’s global business units, the return of anticipated in the possibilities, and including all information regarding matters that are not historical facts may constitute forward-looking statements within the meaning of the Securities and Exchange Reform Act of 1995. Actual results may differ materially from the views of expressed. Factors that can cause Albemarle’s actual results that differ materially from the outlook expressed or implied 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 the industries and markets served by it; time of orders received from customers; gaining or losing important customers; fluctuations in lithium market prices, which could affect our revenues and profitability, particularly due to our increased exposure to index-linked and variable-price contracts for sales of battery-grade lithium; changes related to contract renegotiations; possible lack of production volume; competition from other manufacturers; changes in the demand for its products or the end-user markets in which its products are sold; restrictions or prohibitions on the production 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 change and development, changes in its markets generally; fluctuations in foreign currencies; changes in laws and government regulations affecting its operations or products; the appearance of regulatory actions, proceedings, claims or legal proceedings (including with respect to the US 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 may be subject; risks associated with the production of chemicals; the inability to maintain current levels of insurance, including product or facility liability insurance, or the denial of such coverage; political turmoil 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 initiatives to reduce production costs, as well as from 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 affect its ability to raise capital or increase the cost of funds, affect the performance of the pension fund’s investments and increase pension expenses and funding obligations; volatility and uncertainties in debt and equity markets; infringement of technology or intellectual property, including breaches of cyber security and other innovation risks; the decisions it may take in the future; future acquisitions and sales transactions, including the ability to successfully execute, operate and integrate acquisitions and sales and incur additional indebtedness; ongoing uncertainties regarding the duration and impact of the coronavirus (COVID-19) pandemic; the performance of Albemarle’s 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” at Albemarle’s The most recent annual report on Form 10-K each quarterly report subsequently filed on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle undertakes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable securities and other laws.
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