CHARLOTTE, N.C., Nov. 30, 2016 /PRNewswire/ -- Albemarle
Corporation (NYSE: ALB), a premier specialty chemicals company,
announced today that Tianqi Lithium Corporation (Tianqi) has given
notice of its decision to exercise an option to acquire a 20%
indirect ownership interest in Rockwood Lithium GmbH (GmbH) and its
subsidiaries. GmbH is a wholly-owned German subsidiary of
Albemarle that manages a portfolio
of downstream products, including organolithiums such as
butyllithium, which are manufactured at its facility in
Langelsheim, Germany. Exercise of
the option by Tianqi does not include any material interest in
Albemarle's lithium-based battery
and energy storage business, its lithium reserves and operations in
South America, the U.S., or
Australia, or its pending lithium
hydroxide and carbonate asset acquisition in China, all of which are owned outside of the
German entity. Albemarle will
continue to own a controlling interest in GmbH and will manage the
business and operations of GmbH following Tianqi's financial
investment.
The option was granted pursuant to an agreement entered into in
2013 when the predecessor to Albemarle's lithium business, Rockwood,
acquired a 49% ownership interest in Windfield Holdings Pty Ltd.
from Tianqi. Windfield Holdings Pty Ltd. owns and operates
the Talison lithium ore mine in Greenbushes, Western Australia.
Tianqi's financial investment is subject to conditions
precedent, including execution of a partnership agreement to be
negotiated by the parties, payment by Tianqi of the exercise price,
and receipt of regulatory clearances and other approvals. Pending
satisfaction of the conditions precedent, the investment is
expected to close in the first half of 2017.
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