CHARLOTTE, N.C., Oct. 15,
2023 /PRNewswire/ -- Albemarle Corporation
(NYSE: ALB), a global leader in providing essential elements for
mobility, energy, connectivity and health, announced today it will
not pursue a binding agreement to purchase Liontown Resources
Limited (ASX:LTR) and has formally withdrawn its non-binding offer
to Liontown's Board of Directors.
The decision comes as Albemarle
nears the end of its exclusive due diligence process.
"Our engagement with the Liontown team has been meaningful and
productive. We appreciate the level of cooperation we have
received, and we thank the entire team for their efforts," said
Kent Masters, CEO of Albemarle. "That said, moving forward with the
acquisition, at this time, is not in Albemarle's best interests."
The company noted growing complexities associated with the
proposed transaction as a factor in its
decision.
Today's announcement is consistent with Albemarle's disciplined approach to capital
allocation and the company will continue to execute its long-term
growth strategy. Planned expansions to deliver volumetric growth
continue to progress across the company's global portfolio.
Albemarle's capital allocation
priorities remain investing in high-return organic and inorganic
growth, maintaining its financial flexibility and investment grade
credit rating, and funding its dividends.
Albemarle is one of
Australia's biggest lithium
investors, with mining assets at Wodgina and Greenbushes, and with
the Kemerton lithium hydroxide plant, which is currently undergoing
a significant expansion.
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 and on Twitter @AlbemarleCorp.
Albemarle regularly posts
information on our website, including notification of events, news,
financial performance, investor presentations and webcasts,
non-GAAP reconciliations, SEC filings and other information
regarding the company, its businesses, and the markets we
serve.
Forward-Looking Statements
This press release contains statements concerning our expectations,
anticipations, and beliefs 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, often contain words such as "anticipate," "believe,"
"estimate," "expect," "guidance," "intend," "may," "outlook,"
"should," "would," and "will". Forward-looking statements may
include statements regarding: Albemarle's long-term growth strategy, planned
expansions, capital allocation priorities, and all other
information relating to matters that are not historical facts.
Factors that could cause Albemarle's actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include the factors detailed in the
reports Albemarle files with the
SEC, including those described under "Risk Factors" in Albemarle's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, which are available on the investor
section of Albemarle's website
(investors.albemarle.com) and on the SEC's website (www.sec.gov).
These forward-looking statements speak only as of the date of this
press release. Albemarle assumes
no obligation to provide any revisions to any forward-looking
statements should circumstances change, except as otherwise
required by securities and other applicable laws.
Media Contacts:
Paul Ryan, Citadel MAGNUS, +61 409
296 511, pryan@citadelmagnus.com
Michael Weir, Citadel MAGNUS, +61
402 347 032, mweir@citadelmagnus.com
Andrew Siegel, Joele Frank, +1 (212) 355-4449,
asiegel@joelefrank.com
Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768,
meredith.bandy@albemarle.com
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SOURCE Albemarle Corporation