CHARLOTTE, N.C., Aug. 23, 2016 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a leader in the global specialty
chemicals industry, announced today that it has signed a definitive
agreement to acquire the lithium hydroxide and lithium carbonate
conversion assets and supporting business functions currently
operated by Jiangxi Jiangli New Materials Science and Technology
Co. Ltd. ("Jiangli New Materials"). The transaction is
expected to close by the end of the first quarter of 2017, subject
to regulatory approvals and other customary closing conditions.
The transaction includes manufacturing assets located in both
Jiangxi and Sichuan, China focused on the production of
battery-grade lithium carbonate and lithium hydroxide.
Jiangli New Materials currently tolls lithium hydroxide and
lithium carbonate for Albemarle
utilizing spodumene from Albemarle's Talison joint venture in
Australia. Collectively, the Jiangli New Material assets have
a total lithium salts capacity of 15,000 MT/year, with the ability
to expand as needed to support Albemarle's growth strategy.
"We believe this transaction will further solidify Albemarle's leading position in the lithium
industry, and accelerate our ability to meet our strategic goal of
capturing 50% of the growth in the lithium industry," said
David Klanecky, vice president of
Albemarle's Lithium
Division. "This transaction will enable us to supply premium
lithium salts to an expanded global customer base."
"Jiangli has built a solid reputation on consistently
manufacturing high-quality lithium salts," said Mr. Deng Zhiling,
Chairman of Jiangli New Materials. "This transaction is an
opportunity for Jiangli to create additional value for the lithium
industry in Asia Pacific and
abroad."
About Albemarle
Albemarle Corporation (NYSE:
ALB), headquartered in Charlotte,
NC, is a global specialty chemicals company with leading
positions in lithium, bromine, refining catalysts and applied
surface treatments. We power the potential of companies in many of
the world's largest and most critical industries, from energy and
communications to aerospace and electronics. Working
side-by-side with our customers, we develop value-added, customized
solutions that make them more competitive. Our solutions combine
the finest technology and ingredients with the knowledge and
know-how of our highly experienced and talented team of operators,
scientists and engineers.
Discovering and implementing new and better performance-based
sustainable solutions is what motivates all of us. We think beyond
business-as-usual to drive innovations that create lasting value.
Albemarle employs approximately
6,900 people and serves customers in approximately 100 countries.
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.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this press release
regarding Albemarle Corporation's business that are not historical
facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" in the Company's
Annual Report on Form 10-K.
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SOURCE Albemarle Corporation