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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) announced the appointment of Melissa Anderson as the new Senior Vice President and Chief Human Resources Officer, effective January 11, 2021. Anderson joins from Duke Energy, bringing extensive HR experience from her roles at Domtar Corporation and IBM. CEO Kent Masters highlighted her ability to implement global human capital strategies that will enhance Albemarle's workforce capabilities. With a strong educational background in industrial relations, Anderson also serves on various boards, including Vulcan Materials.
Albemarle Corporation (NYSE: ALB) announced plans to expand lithium production at its Silver Peak facility in Nevada, investing $30 million to $50 million to double capacity by 2025. This initiative responds to the growing demand for electric vehicle (EV) batteries and aims to optimize domestic lithium resources. Albemarle will also explore lithium extraction from clay sources and enhance brine extraction processes in collaboration with Argonne National Laboratory. This expansion underscores the company's commitment to supporting the EV market and ensuring a sustainable supply chain.
Bernhard Capital Partners has appointed Luther C. Kissam, IV as Partner. Kissam, former CEO of Albemarle Corporation (NYSE: ALB), brings extensive experience in the transitional energy sector. He played a crucial role in Albemarle's $6.2 billion acquisition of Rockwood Holdings and is recognized for his contributions to the lithium market, vital for clean energy. Additionally, Jeffrey Koonce and Jonathan de Lauréal have been promoted to Partner and Managing Director, respectively, acknowledging their impactful contributions since joining the firm.
On December 15, 2020, Albemarle Corporation (NYSE: ALB) announced it received the Carolinas Community Design Award from the U.S. Green Building Council for its sustainable headquarters expansion in Charlotte, N.C. This project, completed in January 2019, covers about 141,000 square feet and emphasizes wellness and collaboration. Earlier in the year, Albemarle also achieved LEED Gold certification for this expansion. The award reflects the company's commitment to sustainability and enhancing employee work environments, as stated by John Gifford, Director of Global Real Estate.
Albemarle Corporation (NYSE: ALB), a leader in specialty chemicals, announced that Eric Norris, President of Lithium, will keynote at Benchmark Minerals' Lithium Conference on December 10, 2020, at 4 p.m. ET. This event, part of Benchmark Week 2020, connects lithium-ion battery and electric vehicle supply chain experts. Attendees can register for the session online. Albemarle is committed to sustainable solutions in lithium, bromine, and refining catalysts, impacting critical industries like energy and transportation.
Albemarle Corporation (NYSE: ALB), a leader in specialty chemicals, has joined ZETA, a coalition aiming for 100% electric vehicle (EV) sales in the U.S. by 2030. This initiative seeks to enhance EV adoption, create jobs, and reduce carbon pollution. Key policy proposals include consumer EV incentives, emissions standards, infrastructure investments, early retirement incentives for legacy vehicles, and federal cooperation with local entities. With transportation now the primary source of U.S. carbon emissions, ZETA's formation highlights the urgent need for national leadership in clean transportation.
Albemarle Corporation (NYSE: ALB) will participate in Deutsche Bank's 5th Annual Lithium and Battery Supply Chain Conference on November 17, 2020. Key executives, including Eric Norris, President of Lithium, and others, will engage in discussions and one-on-one meetings. The event will be available via webcast, with materials accessible on Albemarle's website. The replay will be available for 90 days. Albemarle is recognized for its leadership in specialty chemicals, focusing on sustainable practices across global industries.
Albemarle Corporation (NYSE: ALB) reported its Q3 2020 results, highlighting a net income of $98 million and adjusted diluted EPS of $1.09. Net sales decreased by 15% year-over-year to $746.9 million, primarily due to lower sales in the Catalysts and Lithium segments. Adjusted EBITDA also fell by 15% to $216 million. The company anticipates a full-year performance decline driven by the pandemic. However, it aims for sustainable cost savings of approximately $80 million in 2020 and plans to maintain a quarterly dividend of $0.385 per share.
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