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30-08-2022

Albemarle announces new global business unit alignment

Albemarle Corporation, a leader in the global specialty chemicals industry, today announced that it will realign its Bromine and Lithium global business units (GBU) into a new corporate structure designed to better meet customer needs and foster talent required to deliver in a competitive global environment. The move follows the recent announcement of the company's decision to reorganize Catalyst under a to-be-named, wholly owned subsidiary.

Albemarle's two core global business units will become:

- Albemarle Specialties: This GBU will include the current Bromine business as well as the Lithium Specialties business in the current Lithium business. This new GBU will focus on the company's suite of bromine and highly specialized lithium solutions which benefit from complementary competencies in organic chemistry, application knowledge, and process technology. Netha Johnson, current president of Bromine, will become president of Albemarle Specialties.

- Albemarle Energy Storage: This GBU will include the Hydroxide, Carbonate, Battery Grade Metal, and Advanced Energy Storage businesses in the current Lithium business. This new GBU will focus on the markets, customers, resources, production, and advanced metals research needed to advance lithium-ion battery evolution and the global energy transition. Eric Norris, current president of the Lithium, will become president of Albemarle Energy Storage.

Albemarle CEO Kent Masters stated, "These changes reflect Albemarle's focus on growing our business, our people, and our value by being agile in providing innovative solutions that anticipate customer needs and meet the markets of tomorrow."

Organizational changes for Albemarle Specialties and Albemarle Energy Storage are expected to be effective January 1, 2023. Beginning in 2023, the company will financially report through the following segments: energy storage, specialties, and catalysts.

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