Published:
Albemarle Reaches Agreement in Principle with Weifang Sinobrom Import and Export Company, Ltd. to Form New Bromine Derivatives JV in China
Albemarle Reaches Agreement in Principle with Weifang Sinobrom Import and Export Company, Ltd. to Form New Bromine Derivatives JV in China
BATON ROUGE, La., May 16 /PRNewswire-FirstCall/ -- Albemarle Corporation
(NYSE: ALB) and Weifang Sinobrom Import and Export Company, Ltd. (Sinobrom)
have reached an agreement in principle to form a new joint venture that will
combine the existing business of Sinobrom, a leading marketer of bromine
derivatives inChina, withAlbemarle's global bromine expertise in the
specialty chemical industry. The new joint venture, Sinobrom Albemarle Bromine
Chemicals (Shandong) Company Ltd., will be 75-percent owned byAlbemarle's
subsidiary, Albemarle Holdings Limited, with the remaining 25 percent to be
held by Sinobrom. The launch of the joint venture is subject to final approval
by the Chinese authorities, which is expected within 60 to 90 days.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050801/ALBEMARLELOGO )
Concurrently with its launch, the joint venture will enter into an
exclusive agreement with Shandong Weitai Fine Chemical Company, Ltd. (Weitai),
a producer of bromine derivatives located in Xinhe Town, Pingdu,China. Under
this agreement, all Weitai products will be exclusively marketed by the joint
venture.
"Sinobrom is a leader in the Chinese bromine derivatives industry, with
strong market positions and impressive global reach. The combination of
Sinobrom's strengths andAlbemarle's leadership position in the bromine
industry will create a new growth platform forAlbemarle inShandong province,
the heart of the Chinese bromine and derivatives market," said Matt Juneau,
Albemarle's performance chemicals division vice president.
"We are excited about the opportunity to partner withAlbemarle," said Li
Chun, general manager of Sinobrom. "Albemarle brings commercial, technical,
and environmental leadership in the bromine industry. We expect to accelerate
our growth both inChina and around the world through this new partnership."
Albemarle Corporation, headquartered inRichmond, Virginia, is a leading
global developer, manufacturer and marketer of highly engineered specialty
chemicals for consumer electronics; petroleum and petrochemical processing;
transportation and industrial products; pharmaceuticals; agricultural
products; and construction and packaging materials. The Company operates in
three business segments-Polymer Additives, Catalysts and Fine Chemicals-and
serves customers in approximately 100 countries. Learn more aboutAlbemarle at
www.albemarle.com.
Forward-Looking Statements:
Portions of this release constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Although
Albemarle Corporation believes its expectations reflected in the release are
based on reasonable assumptions within the bounds of its knowledge of its
business and operations; there can be no assurance that actual results will
not differ materially. Factors that could cause actual results to differ from
expectations include, without limitation, the inability to pass through
increases in costs and expenses for raw materials and energy; competition from
other manufacturers; changes in demand for our products; the gain or loss of
significant customers; fluctuations in foreign currencies and increased
government regulation of our operations or our products. Additional factors
that could causeAlbemarle's results to differ materially from those described
in the forward-looking statements can be found under "Risk Factors" in item 1A
of our Annual Report for the period ended December 31, 2007.
SOURCE Albemarle Corporation
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Consumer Electronics, Computers and Electronics, Building and Construction, Banking and Finance, louisiana, virginia
_ _Is your favorite bookmark site missing?
Ask for it.
Search News
Daily News
