Albemarle Response to Huntsman-Rockwood Decision
On October 29, 2021, Albemarle Corporation (NYSE: ALB) addressed an arbitration decision related to a dispute between Huntsman Corporation and Rockwood Holdings. This dispute originates from a transaction that occurred in 2013 and closed in 2014, before Albemarle owned Rockwood. The company has expressed disbelief over the arbitration panel's ruling, asserting it lacks evidence and contradicts New York law. Albemarle is currently evaluating its legal options, including potentially vacating the award.
- Albemarle's commitment to transparency and integrity in business operations.
- Potential for legal recourse against the arbitration decision, which may mitigate financial impact.
- Negative arbitration ruling could lead to potential financial liabilities.
- Involvement in legacy disputes may detract from focus on core business.
CHARLOTTE, N.C., Oct. 29, 2021 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today issued a response to a recent arbitration decision on a dispute between Huntsman Corporation and Rockwood Holdings, Inc. related to Huntsman's acquisition of Rockwood's Pigments & Additives business.
The Huntsman-Rockwood dispute stems from a transaction between Huntsman Corporation and Rockwood Holdings, Inc. which was signed in 2013 and closed in 2014 before Albemarle owned Rockwood Holdings, Inc. This is a legacy dispute that Albemarle inherited when it purchased Rockwood Holdings, Inc. in 2015, acquiring the Rockwood lithium assets and other business lines unrelated to the Huntsman dispute. Albemarle never owned Rockwood's Pigments & Additives business.
Albemarle is shocked by the arbitration panel's decision. The company firmly believes the award is not supported by the evidence and is contrary to New York law. The company is currently assessing all its legal rights and options including seeking to have the award vacated.
Albemarle prides itself on always operating with full transparency and great integrity.
About Albemarle Corporation
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 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.
Forward-Looking Statements
Some of the information presented in this press release, including statements regarding our intentions with respect to any litigation or arbitration and pursuit of any remedies and all other 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. Forward-looking statements contained in this press release may be identified by the use of forward-looking words such as "will," "intend," "believe," "expect," "anticipate," "should," "plan," "estimate," "potential," or similar expressions. Such statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this press release should be evaluated together with the numerous risk and uncertainties that affect our business and markets, most of which are difficult to predict and many of which are beyond our control, including those detailed from time to time in the reports we file with the Securities and Exchange Commission, including those described under "Risk Factors" in our most recent Annual Report on Form 10-K any subsequently filed Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements are based on management's current expectations and assumptions about future events and speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
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SOURCE Albemarle Corporation
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