Albemarle completes acquisition of Guangxi Tianyuan New Energy Materials.
By Chemical Processing Staff
Albemarle Corporation subsidiary Albemarle Lithium UK Limited says it has completed the acquisition of China-based Guangxi Tianyuan New Energy Materials Co., Ltd. (Tianyuan) for approximately $200 million. A definitive agreement to acquire all outstanding equity from Tianyuan's shareholders was announced in September 2021.
Located near the Port of Qinzhou in Guangxi, Tianyuan's operations include a lithium conversion plant with a designed annual conversion capacity of up to 25,000 metric tons LCE that can produce battery-grade lithium carbonate and lithium hydroxide.
"The addition of Tianyuan's operations to Albemarle's high-quality lithium assets strengthens our ability to reliably meet the increasing global demand for battery-grade lithium," says Kent Masters, Albemarle CEO, in a press release from the company. "We welcome the Tianyuan team's support as we help our customers and the world transition to more sustainable energy use."
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