Albemarle Resolves To Reduce Costs, Conserve Cash and Reposition For 2009

Albemarle Corp., a provider of innovative solutions to the specialty chemicals market, updated investors and security analysts Dec. 19 on Albemarle's current view of how the global economic crisis will factor into the company's 2009 business strategies.

Chairman and CEO Mark Rohr discussed steps Albemarle is taking to respond to volatile market conditions as well as the company's performance expectations for next year.

While the economic slowdown is felt across the business portfolio, the recent downturn in consumer demand has had a severe impact on volumes and profitability of Albemarle's polymer additives business. This segment supplies products to the electronics, auto and construction markets. The company expects 2009 to be a challenging year in this segment until consumer markets rebound.

"Given the challenges of the global economic environment that has worsened in recent months, we are taking a number of proactive measures to position the company to better manage the market volatility we are seeing as well as position ourselves to be opportunistic," said Rohr.

Albemarle aims to achieve $40 million in annualized cost savings next year by accelerating cost reduction programs and resizing its business footprint. The company is keenly focused on maximizing cash flow through working capital reductions and prudent capital spending.

"Our core business principles and long-term fundamentals are stronger than ever," said Rohr. "I can assure you that this team is more driven and committed to emerge as an even stronger company and exceed the expectations of our shareholders."

For more information, visit:

More News:

  • SOCMA Hosts 93rd Annual Dinner And Awards Showcase

    The Society of Chemical Manufacturers and Affiliates (SOCMA) is returning to the New York Marriott Marquis Times Square on December 8, 2014, for its 93rd Annual Dinner honoring Performance Improvement Award winners and featuring a Leadership and Business Development Speaker Showcase.

  • Summit Features Bio-Based Tech Startups

    The 6th Next Generation Bio-Based & Sustainable Chemicals Summit, February 3 – February 5, 2015, in New Orleans, LA brings together bio-based tech startups, specialty chemical manufacturers, chemical majors, feedstock providers, financiers and strategic venture capitalists to explore bio-based chemicals.

  • Flint Hills Resources Will Cease Marysville Operations

    Flint Hills Resources plans to close its Marysville, Michigan polypropylene facility.

  • EFCE Seeks Award Nominees

    Award honors outstanding thesis in thermodynamics or transport properties

  • British Safety Regulator Gets New Head

    Executive has worked in both the public and private sectors

  • AkzoNobel Partnership Investigates Waste As Feedstock

    AkzoNobel is part of a major Dutch partnership working with Canada's Enerkem to explore the use of waste streams as a feedstock for chemical production and the development of waste-to-chemicals facilities.

  • Scientist And CorningWare Inventor Stookey Dies

    S. Donald Stookey, credited with inventing CorningWare, died on Tuesday, November 4 at the age of 99.

  • DOE Funds New Gasification Research

    The Department of Energy announced new investments in gasification research.

  • SOCMA Awards Honor EHS&S Improvement

    More than 28 member facilities will receive 2014 Performance Improvement Awards for their outstanding commitment to continuous improvement in environmental, health, safety and security (EHS&S) practices at the Society of Chemical Manufacturers and Affiliates (SOCMA) 93rd Annual Dinner on December 8 in New York.

  • PEER Launches Legal Defense Fund For U.S. Scientists

    The Public Employees for Environmental Responsibility (PEER) has launched a free legal defense fund for U.S. scientists in government and academia.

All news »

What are your comments?

Join the discussion today. Login Here.


No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments