Actions include immediate footprint changes to
its Kemerton site in Australia, as well as a full review of
cost and operating structure
CHARLOTTE, N.C., July 31,
2024 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity and health, today announced it has launched a
comprehensive review of its cost and operating structure, as well
as immediate asset actions at its Kemerton lithium processing site
in Australia. The company is
taking these steps to proactively respond to ongoing industry
headwinds, particularly in the lithium value chain, so it can
preserve long-term competitiveness.
Albemarle's actions regarding
Kemerton are part of a broader effort that will focus on the
following key areas:
- Preserving Albemarle's
world-class resource advantages
- Optimizing its global conversion network
- Improving the company's cost competitiveness and
efficiency
- Reducing capital intensity
- Enhancing Albemarle's
financial flexibility
These actions are part of the company's comprehensive review of
its cost and operating structure. The company expects to
report more details during its third quarter earnings
call.
"The long-term growth potential for our end markets remains
strong, and we plan to leverage our core capabilities while
ensuring we remain competitive," said Albemarle Chairman and CEO
Kent Masters. "Given the dynamics of
the global markets we serve, we must be able to pivot and pace as
necessary to maintain our leading position."
As part of the initial review to optimize its network,
Albemarle today announced changes
to the operating footprint at its Kemerton lithium hydroxide
conversion site in Australia. The company will:
- Stop construction activities at Train 3
- Idle production at Train 2 and place the unit in care and
maintenance
- Focus manufacturing efforts on the continued ramp and
qualification of Train 1
In a separate press release issued today, Albemarle released its second quarter 2024
earnings results. The company will provide further details on its
conference call to discuss its second quarter financial results at
8 a.m. EDT on Thursday, Aug. 1,
2024.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming
essential resources into critical ingredients for mobility, energy,
connectivity and health. We partner to pioneer new ways to move,
power, connect and protect with people and planet in mind. A
reliable and high-quality global supply of lithium and bromine
allows us to deliver advanced solutions for our customers. Learn
more about how the people of Albemarle are enabling a more resilient world
at Albemarle.com, LinkedIn and on X (formerly known as Twitter)
@AlbemarleCorp.
Albemarle regularly posts
information to www.albemarle.com, including notification of events,
news, financial performance, investor presentations and webcasts,
non-GAAP reconciliations, U.S. Securities and Exchange Commission
filings and other information regarding the company, its businesses
and the markets it serves.
Forward-Looking Statements
This press release contains statements concerning our
expectations, anticipations, intentions, beliefs or strategies
regarding the future, which constitute forward- looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements, which are based on
assumptions that we have made as of the date hereof and are subject
to known and unknown risks and uncertainties that could cause
actual results, conditions and events to differ materially from
those anticipated, often contain words such as "anticipate,"
"believe," "could," "estimate," "expect," "focus," "intend," "may,"
"should," "would," "will" and variations of such words and similar
expressions. Forward-looking statements may include, without
limitation, statements regarding future or expected: cost
reductions, asset actions, capital projects, market and economic
trends, and all other information relating to matters that are not
historical facts. Factors that could cause our actual results to
differ materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: changes in
economic and business conditions; adverse changes in liquidity or
financial or operating performance; fluctuations in lithium market
prices, and the other factors detailed from time to time in the
reports we file with the U.S. Securities and Exchange Commission,
including those described under "Risk Factors" in our Annual Report
on Form 10-K and our Quarterly Reports on Form 10-Q. These
forward-looking statements 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.
Investor Relations Contact: Meredith
Bandy, +1 (980) 999-5768,
meredith.bandy@albemarle.com
Media Contact: Peter Smolowitz,
+1 (980) 308-6310, media@albemarle.com
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SOURCE Albemarle Corporation
