Albemarle Announces Asset and Cost Actions to Enhance Competitiveness and Proactively Respond to Dynamic Market Conditions
Actions include immediate footprint changes to its Kemerton site in
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
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
About Albemarle
Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations,
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
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