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CHARLOTTE, N.C., Dec. 13, 2022 /PRNewswire/ — Albemarle Company (NYSE: ALB), a pacesetter within the international specialty chemical substances business, as we speak introduced it has acquired a location in Charlotte, North Carolina, the place it is going to make investments at the very least $180 million to determine the Albemarle Expertise Park (ATP), a world-class facility designed for novel supplies analysis, superior course of growth, and acceleration of next-generation lithium merchandise to market. The corporate anticipates that improvements from the brand new web site will improve lithium restoration, enhance manufacturing strategies, and introduce new types of lithium to allow breakthrough ranges of battery efficiency.
“Albemarle Expertise Park is a part of our mine-to-market innovation technique to put money into the U.S. EV battery provide chain and to be a pacesetter in superior lithium supplies for next-generation power storage,” stated Kent Masters, Albemarle CEO. “This facility will focus and speed up our lithium expertise management, higher enabling the world’s transition to extra sustainable power.”
Albemarle was awarded an almost $13 million incentive package deal from the State of North Carolina to develop the superior lithium supplies analysis, course of growth, and product innovation facility in Mecklenburg County, North Carolina.
“Albemarle’s work on the subsequent technology of merchandise associated to lithium batteries actually advances North Carolina’s management within the rising clear power financial system,” stated Governor Cooper. “Lowering carbon emissions is sweet for our surroundings and nice for our financial system too.”
The motivation package deal is a part of a Job Improvement Funding Grant (JDIG) supporting a portion of Albemarle’s funding to rework the previous IBM and Flextronics facility. The corporate anticipates creating at the very least 200 jobs on the web site, with a median wage of $94,000 per yr. Particularly, the staff intends to triple the variety of Ph.D. professionals within the Albemarle Expertise Park.
“Charlotte has been house to Albemarle Company for a number of years,” stated Charlotte Mayor Vi Lyles. “This funding signifies their dedication to the expansion and innovation of the corporate in addition to our metropolis, and we have now a proficient workforce that may fill the roles this enlargement will deliver.”
Albemarle’s imaginative and prescient for the ATP spans from novel lithium supplies and manufacturing processes to new product commercialization in shut partnership with strategic clients. By co-locating these crucial actions and collaborations, the corporate expects ATP will develop into a lithium innovation hub that anchors expertise management within the Southeast U.S., the place the EV business is quickly increasing. The corporate anticipates that enhanced course of applied sciences developed on the ATP will unlock new lithium assets, enhance sustainability by lowering power and water use, and allow lithium restoration at end-of-life by way of cost-effective recycling.
Albemarle expects preliminary occupancy of the brand new facility by early 2025 and completion of the ATP campus by late 2026.
About Albemarle
Albemarle Company (NYSE: ALB) is a worldwide specialty chemical substances firm with main positions in lithium, bromine, and catalysts. We expect past enterprise as ordinary to energy the potential of corporations in lots of the world’s largest and most crucial industries, akin to power, electronics, and transportation. We actively pursue a sustainable method to managing our various international footprint of world-class assets. Together with our extremely skilled and proficient international groups, our deep-seated values, and our collaborative buyer relationships, we create value-added and performance-based options that allow a safer and extra sustainable future.
We repeatedly submit info to www.albemarle.com, together with notification of occasions, information, monetary efficiency, investor displays and webcasts, non-GAAP reconciliations, SEC filings and different info relating to our firm, its companies and the markets it serves.
Ahead-Wanting Statements
A few of the info offered on this press launch, together with, with out limitation, info associated to Albemarle’s funding within the ATP facility, together with the quantity of such funding; the timing of preliminary occupancy and completion of the ability and its campus; the variety of jobs created on the facility and common salaries of such positions; the kind of operations and actions to be carried out on the facility and the outcomes of any such operations or actions; and together with all info regarding issues that aren’t historic information could represent forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995. Precise outcomes might differ materially from the views expressed. Components that would trigger Albemarle’s precise outcomes to vary materially from the outlook expressed or implied in any forward-looking assertion embrace, with out limitation: the supply of firm funds and assets to make deliberate investments within the ATP facility; delays within the building of the ability or surprising prices relating thereto; adjustments in financial and enterprise circumstances; adjustments in monetary and working efficiency of the corporate’s main clients and industries and markets served by it; the timing of orders obtained from clients; the acquire or lack of vital clients; fluctuations in lithium market pricing, which might affect the corporate’s revenues and profitability significantly resulting from its elevated publicity to index-referenced and variable-priced contracts for battery grade lithium gross sales; adjustments with respect to contract renegotiations; potential manufacturing quantity shortfalls; competitors from different producers; adjustments within the demand for its merchandise or the end-user markets by which its merchandise are bought; limitations or prohibitions on the manufacture and sale of its merchandise; availability of uncooked supplies; will increase in the price of uncooked supplies and power, and its means to cross by way of such will increase to its clients; technological change and growth, adjustments in its markets typically; fluctuations in foreign currency echange; adjustments in legal guidelines and authorities regulation impacting its operations or its merchandise; the prevalence of regulatory actions, proceedings, claims or litigation (together with with respect to the U.S. International Corrupt Practices Act and international anti-corruption legal guidelines); the prevalence of cyber-security breaches, terrorist assaults, industrial accidents or pure disasters; the impact of local weather change, together with any regulatory adjustments to which it may be topic; hazards related to chemical substances manufacturing; the shortcoming to keep up present ranges of insurance coverage, together with product or premises legal responsibility insurance coverage, or the denial of such protection; political unrest affecting the worldwide financial system, together with hostile results from terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; adjustments in accounting requirements; the shortcoming to realize outcomes from its international manufacturing price discount initiatives in addition to its ongoing steady enchancment and rationalization applications; adjustments within the jurisdictional mixture of its earnings and adjustments in tax legal guidelines and charges or interpretation; adjustments in financial insurance policies, inflation or rates of interest which will affect its means to lift capital or enhance its price of funds, affect the efficiency of its pension fund investments and enhance its pension expense and funding obligations; volatility and uncertainties within the debt and fairness markets; expertise or mental property infringement, together with cyber-security breaches, and different innovation dangers; choices it might make sooner or later; future acquisition and divestiture transactions, together with the flexibility to efficiently execute, function and combine acquisitions and divestitures and incurring extra indebtedness; persevering with uncertainties as to the length and affect of the coronavirus (COVID-19) pandemic; efficiency of Albemarle’s companions in joint ventures and different tasks; adjustments in credit score rankings; and the opposite components detailed occasionally within the stories Albemarle information with the SEC, together with these described underneath “Danger Components” in Albemarle’s most up-to-date Annual Report on Kind 10-Ok and any subsequently filed Quarterly Stories on Kind 10-Q. These forward-looking statements converse solely as of the date of this press launch. Albemarle assumes no obligation to supply any revisions to any forward-looking statements ought to circumstances change, besides as in any other case required by securities and different relevant legal guidelines.
SOURCE Albemarle Company
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