Albemarle Announces Global Price Increase for Catalyst Products

Rhea-AI Summary

Albemarle Corporation (NYSE: ALB) announced a price increase for its Catalyst global business unit, effective immediately. This decision addresses significant rises in energy costs and key raw materials, impacted by factors like a winter energy shortage in Europe and a 40% increase in industrial metal costs. President Raphael Crawford emphasized the company's commitment to maintaining supply and recovering these increased costs through productivity gains and price adjustments in the coming months.

Positive

• Effective price increase for Catalyst products to counteract rising costs.
• Commitment to maintaining supply and addressing market conditions.

Negative

• Rising energy costs and key raw materials could compress margins.
• Uncertainty in cost recovery due to market volatility.

CHARLOTTE, N.C., Jan. 6, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, today announced a price increase for Catalysts global business unit customers. These price increases are effective immediately, or as contracts allow.

Albemarle and its suppliers are continuing to see unprecedented increases worldwide in energy costs (gas and electricity) and for key raw materials that are critical to manufacturing our performance products.

Several factors are impacting an increase in the cost of energy and key raw materials, some of which may be temporary. Examples include the increased energy costs in Europe due to a winter shortage, the up-to-40% increase in the costs of industrial metals, and the acute tightness in chlor alkali markets. Albemarle continues to monitor the energy and commodities markets accordingly.

"Albemarle remains committed to delivering value to our customers with no interruptions to supply," said Raphael Crawford, President, Catalysts global business unit. "Our intent is to cover the increased costs we are experiencing through productivity gains and price adjustments for our products and services, and to flex with the market over the coming months."

About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company who thinks 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.

 

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SOURCE Albemarle Corporation

FAQ

What recent price change did Albemarle (ALB) announce?

Albemarle announced a price increase for its Catalyst global business unit effective immediately.

What are the factors behind the price increase for ALB's products?

The price increase is due to unprecedented rises in energy costs and key raw materials.

How much have industrial metal costs increased for Albemarle?

Industrial metal costs have increased by up to 40%, affecting pricing strategy.

What is Albemarle's commitment regarding product supply?

Albemarle is committed to delivering value to customers without interruptions to supply.