Acquisition to add conversion capacity in China near Qinzhou port
CHARLOTTE, North Carolina, September 30, 2021 / PRNewswire / – Albemarle Company (NYSE: ALB), a global leader in the specialty chemicals industry, today announced that its subsidiary, Albemarle Lithium UK Limited, has signed a definitive agreement to acquire all of the outstanding shares of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”), a lithium converter located at Guangxi, China. Under the terms of the agreement, Albemarle will acquire all of the outstanding shares from Tianyuan shareholders for approximately US $ 200 million, subject to certain adjustments. Albemarle expects the transaction, which is subject to customary closing conditions, to close in early 2022.
Founded in 2017, Tianyuan’s operations include a newly constructed lithium processing plant strategically positioned near the port of Qinzhou in Guangxi. The plant has designed an annual conversion capacity of up to 25,000 metric tonnes of LCE and is capable of producing battery grade lithium carbonate and lithium hydroxide. It is currently in the commissioning phase and is expected to enter commercial production in the first half of 2022.
“The acquisition of Tianyuan, which owns and operates a newly constructed lithium processing plant, aligns with our strategy to pursue profitable growth in line with customer demand,” said Masters of Kent, CEO of Albemarle. “This will be a key part of our next wave of projects designed to increase our conversion capacity in a capital efficient manner in the years to come. As the global transition to cleaner energy grows rapidly, this additional lithium capacity will enable us to help our customers achieve their ambitions for growth and sustainability. “
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and catalysts. We are thinking beyond the status quo to harness the potential of businesses 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. Together with our highly experienced and talented global teams, deep values and collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.
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Some of the information presented in this press release, including, without limitation, information relating to the transaction, plans and benefits anticipated in connection with the transaction, the intended closing date for the transaction and all other Information relating to matters which 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 opinions expressed in this document. Factors that could cause actual results to differ materially from the prospects expressed or implied in any forward-looking statement include, but are not limited to: changes in economic and business conditions; changes the priorities, financial and operational performance of that of Albemarle main customers and industries and markets served by Albemarle; the timing of orders received from customers; the gain or loss of major customers; competition from other manufacturers; changes in demand for that of Albemarle products or the end-user markets in which its products are sold; the availability of funding; the satisfaction of conditions of completion, including regulatory approvals; the occurrence of regulatory actions, proceedings, claims or litigation; and other factors detailed from time to time in reports Albemarle with the SEC, including those described under “Risk Factors” in its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide revisions to any forward-looking statement if circumstances change, except as otherwise required by securities and other applicable laws.
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SOURCE Albemarle Corporation