CHARLOTTE, N.C., Dec. 13,
2022 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a leader in the global specialty chemicals industry, today
announced it has acquired a location in Charlotte, North Carolina, where it will
invest at least $180 million to
establish the Albemarle Technology Park (ATP), a world-class
facility designed for novel materials research, advanced process
development, and acceleration of next-generation lithium products
to market. The company anticipates that innovations from the new
site will enhance lithium recovery, improve production methods, and
introduce new forms of lithium to enable breakthrough levels of
battery performance.
"Albemarle Technology Park is part of our mine-to-market
innovation strategy to invest in the U.S. EV battery supply chain
and to be a leader in advanced lithium materials for
next-generation energy storage," said Kent
Masters, Albemarle CEO. "This facility will focus and
accelerate our lithium technology leadership, better enabling the
world's transition to more sustainable energy."
Albemarle was awarded a nearly
$13 million incentive package from
the State of North Carolina to
develop the advanced lithium materials research, process
development, and product innovation facility in Mecklenburg County, North Carolina.
"Albemarle's work on the next
generation of products related to lithium batteries really advances
North Carolina's leadership in the
emerging clean energy economy," said Governor Cooper.
"Reducing carbon emissions is good for our environment and great
for our economy too."
The incentive package is part of a Job Development Investment
Grant (JDIG) supporting a portion of Albemarle's investment to transform the former
IBM and Flextronics facility. The company anticipates creating at
least 200 jobs at the site, with an average salary of $94,000 per year. In particular, the team
intends to triple the number of Ph.D. professionals in the
Albemarle Technology Park.
"Charlotte has been home to
Albemarle Corporation for several years," said Charlotte Mayor Vi
Lyles. "This investment signifies their commitment to the
growth and innovation of the company as well as our city, and we
have a talented workforce that can fill the jobs this expansion
will bring."
Albemarle's vision for the ATP
spans from novel lithium materials and manufacturing processes to
new product commercialization in close partnership with strategic
customers. By co-locating these critical activities and
collaborations, the company expects ATP will become a lithium
innovation hub that anchors technology leadership in the Southeast
U.S., where the EV industry is rapidly expanding. The company
anticipates that enhanced process technologies developed at the ATP
will unlock new lithium resources, increase sustainability by
reducing energy and water use, and enable lithium recovery at
end-of-life through cost-effective recycling.
Albemarle expects initial
occupancy of the new facility by early 2025 and completion of the
ATP campus by late 2026.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals
company with leading positions in lithium, bromine, and catalysts.
We think beyond business as usual to power the potential of
companies in many of the world's largest and most critical
industries, such as energy, electronics, and transportation. We
actively pursue a sustainable approach to managing our diverse
global footprint of world-class resources. In conjunction with our
highly experienced and talented global teams, our deep-seated
values, and our collaborative customer relationships, we create
value-added and performance-based solutions that enable a safer and
more sustainable future.
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.
Forward-Looking Statements
Some of the information presented in this press release,
including, without limitation, information related to Albemarle's investment in the ATP facility,
including the amount of such investment; the timing of initial
occupancy and completion of the facility and its campus; the number
of jobs created at the facility and average salaries of such
positions; the type of operations and activities to be conducted at
the facility and the outcomes of any such operations or activities;
and including all information relating to matters that are not
historical facts may constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Actual results could differ materially from the views
expressed. Factors that could cause Albemarle's actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: the
availability of company funds and resources to make planned
investments in the ATP facility; delays in the construction of the
facility or unexpected costs relating thereto; changes in economic
and business conditions; changes in financial and operating
performance of the company's major customers and industries and
markets served by it; the timing of orders received from customers;
the gain or loss of significant customers; fluctuations in lithium
market pricing, which could impact the company's revenues and
profitability particularly due to its increased exposure to
index-referenced and variable-priced contracts for battery grade
lithium sales; changes with respect to contract renegotiations;
potential production volume shortfalls; competition from other
manufacturers; changes in the demand for its products or the
end-user markets in which its products are sold; limitations or
prohibitions on the manufacture and sale of its products;
availability of raw materials; increases in the cost of raw
materials and energy, and its ability to pass through such
increases to its customers; technological change and development,
changes in its markets in general; fluctuations in foreign
currencies; changes in laws and government regulation impacting its
operations or its products; the occurrence of regulatory actions,
proceedings, claims or litigation (including with respect to the
U.S. Foreign Corrupt Practices Act and foreign anti-corruption
laws); the occurrence of cyber-security breaches, terrorist
attacks, industrial accidents or natural disasters; the effect of
climate change, including any regulatory changes to which it might
be subject; hazards associated with chemicals manufacturing; the
inability to maintain current levels of insurance, including
product or premises liability insurance, or the denial of such
coverage; political unrest affecting the global economy, including
adverse effects from terrorism or hostilities; political
instability affecting our manufacturing operations or joint
ventures; changes in accounting standards; the inability to achieve
results from its global manufacturing cost reduction initiatives as
well as its ongoing continuous improvement and rationalization
programs; changes in the jurisdictional mix of its earnings and
changes in tax laws and rates or interpretation; changes in
monetary policies, inflation or interest rates that may impact its
ability to raise capital or increase its cost of funds, impact the
performance of its pension fund investments and increase its
pension expense and funding obligations; volatility and
uncertainties in the debt and equity markets; technology or
intellectual property infringement, including cyber-security
breaches, and other innovation risks; decisions it may make in the
future; future acquisition and divestiture transactions, including
the ability to successfully execute, operate and integrate
acquisitions and divestitures and incurring additional
indebtedness; continuing uncertainties as to the duration and
impact of the coronavirus (COVID-19) pandemic; performance of
Albemarle's partners in joint
ventures and other projects; changes in credit ratings; and the
other factors detailed from time to time in the reports
Albemarle files with the SEC,
including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q.
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.
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SOURCE Albemarle Corporation