Albemarle Corporation a leader in the global specialty chemicals industry 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
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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.
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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.
"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."
Albemarle CEO Kent Masters
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.
About Albemarle
Albemarle Corporation is a global specialty chemicals company with leading positions in lithium, bromine, and refining 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, our businesses, and the markets we serve.