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Albemarle Corporation (NYSE: ALB), headquartered in Baton Rouge, Louisiana, is a leading specialty chemicals company with a global footprint. Albemarle excels in developing, manufacturing, and marketing high-value products such as lithium and lithium compounds, bromine and derivatives, catalysts, and surface treatment chemistries. These products find applications in a wide array of industries, including consumer electronics, flame retardants, metal processing, plastics, transportation, refining, pharmaceuticals, agriculture, and construction.
As a fully integrated lithium producer, Albemarle operates significant upstream resources, including salt brine deposits in Chile and the US, and hard rock mines in Australia through joint ventures. The company has refining operations in Chile, the US, Australia, and China, making it one of the world's largest lithium producers. With lithium playing a crucial role in electric vehicle batteries, Albemarle is well-positioned for growth in the energy storage market, boasting 35% volume growth in Energy Storage sales volumes in 2023.
In addition to its stronghold in the lithium market, Albemarle is a global leader in bromine production, essential for flame retardants, and a significant producer of oil refining catalysts. The company's ongoing projects include the expansion of lithium conversion plants and advancements in technology for sustainable solutions.
Financially, Albemarle achieved a record net sales of $9.6 billion in 2023, driven by a 31% increase from the previous year. The company's continuous growth and strategic investments have positioned it for future success. Albemarle employs approximately 6,900 people and serves clients in around 100 countries, further strengthening its global presence.
Albemarle is committed to community development and environmental stewardship. Recently, the company announced a $1 million donation to Cleveland Community College to enhance workforce training programs and foster regional economic growth. Moreover, Albemarle's proactive measures are expected to unlock over $750 million in cash flow, ensuring ongoing financial flexibility and sustainable growth.
For more information on Albemarle Corporation, visit their website at www.albemarle.com.
Albemarle Corporation (NYSE: ALB) has officially joined the United Nations Global Compact, a major corporate sustainability initiative. This membership aligns with Albemarle's commitment to responsible business practices in human rights, labor, environment, and anti-corruption. CEO Kent Masters stated that the principles of the Global Compact resonate with the company's core values. Albemarle plans to actively participate in projects supporting the UN's Sustainable Development Goals and will include updates on its sustainability efforts in its annual report.
Albemarle Corporation (NYSE: ALB) will announce its first-quarter 2021 earnings on May 5, 2021, after the market closes. A conference call to discuss the results will be held on May 6 at 9:00 a.m. ET. Investors can access the call via the company’s website or by phone. The company specializes in specialty chemicals, focusing on lithium, bromine, and refining catalysts, serving critical industries like energy and transportation.
Nickel Rock Resources Inc. announced the commencement of reverse circulation drilling on its expanded 2,300-acre claim block at Silver Peak, Clayton Valley, Nevada. This area adjoins Albemarle's evaporation ponds and is near Cyprus Development's lithium clay project. The drilling is expected to continue until the end of March 2021, allowing the company to gather geological data to identify lithium-bearing clay layers. Albemarle plans to double its lithium production in Nevada by 2025, with significant investments between $30 million and $50 million in the property.
Nickel Rock Resources Inc. announced the commencement of reverse circulation drilling at its expanded claim block in Clayton Valley, Nevada, covering approximately 2,300 acres. This area is adjacent to Albemarle's lithium production site, indicating a strategic position for lithium clay exploration. The drilling program aims to explore sedimentary layers to a depth of 600 feet, with potential for lithium-bearing clays noted in historical geothermal explorations. The drilling is expected to enhance understanding of geological structures and supports future exploration plans.
Albemarle Corporation (NYSE: ALB) has announced amendments to its cash tender offers, increasing the maximum principal amounts for the Dollar Tender Offer from $100 million to $128.39 million and for the Euro Tender Offer from €100 million to €122.87 million. As of the early participation date of March 12, 2021, approximately $276.78 million in Dollar Securities and €333.35 million in Euro Securities were validly tendered. The settlement date is expected on March 16, 2021, assuming all conditions are met.
Albemarle Corporation (NYSE: ALB) announced cash tender offers totaling $100 million and €100 million for its securities through its subsidiaries. The Dollar Tender Offer targets up to $100 million of senior notes, while the Euro Tender Offer aims for €100 million. The offers expire on March 26, 2021, with early participants receiving additional consideration. The settlement date for early tendered securities is expected on March 16, 2021. The offers are not subject to minimum amounts being tendered and will accept securities based on priority levels.
Albemarle Corporation (NYSE: ALB) will participate in the Goldman Sachs Chemical Intensity Days on March 9, 2021, at 9:45 a.m. ET. Eric Norris, President of Lithium, will present during the event. Interested parties can access the webcast and presentation materials through Albemarle's Events and Presentations page on their website. Albemarle, based in Charlotte, N.C., specializes in lithium, bromine, and refining catalysts, focusing on sustainable solutions across critical industries.
Albemarle Corporation (NYSE: ALB) announced two cash tender offers totaling up to $100 million in senior notes. The first, a Dollar Tender Offer, is for up to $100 million in senior notes, while the second, a Euro Tender Offer, seeks up to €100 million in notes. The offers will expire on March 26, 2021, with an early participation date of March 12, 2021. Additionally, the company plans to redeem outstanding 1.875% Senior Notes due 2021 and Floating Rate Notes due 2022. Redemption for the 2021 Notes is set for March 30, 2021, and for the Floating Rate Notes on March 16, 2021.
Albemarle Corporation (NYSE: ALB) has declared a quarterly dividend of $0.39 per share, marking an annualized rate of $1.56. This dividend is payable on April 1, 2021, to shareholders of record as of the close of business on March 12, 2021. Notably, this is the 27th consecutive year that Albemarle has increased its dividend, reflecting the company's commitment to returning value to shareholders.
Albemarle Corporation (NYSE: ALB) announced a definitive agreement to sell its Fine Chemistry Services business to W.R. Grace & Co. for approximately $570 million. The deal comprises $300 million in cash and $270 million in preferred equity from a W.R. Grace subsidiary. This strategic move aims to focus Albemarle on its core business segments. The transaction is pending regulatory approvals and is expected to close in the second quarter of 2021. BofA Securities and Troutman Pepper Hamilton Sanders LLP are advising Albemarle on this transaction.
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