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Ferro To Sell Flame Retardants Business To Albemarle - Re - BATON ROUGE, La., Jan PDF
Ferro To Sell Flame Retardants Business To Albemarle - Re - BATON ROUGE, La., Jan PDF
Ferro To Sell Flame Retardants Business To Albemarle - Re - BATON ROUGE, La., Jan PDF
FerrotoSellFlameRetardantsBusinesstoAlbemarlere>BATONROUGE,La.,Jan.20/PRNewswire/
FerrotoSellFlameRetardantsBusinesstoAlbemarle
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BATONROUGE,La.,Jan.20/PRNewswire/FerroCorporation(NYSE:FOE)
andAlbemarleCorporation(NYSE:ALB)announcedtodaythattheyhavereached
anagreementinprincipleforFerrotosellitsPYROCHEK7flameretardant
business,alongwithaplantatPortdeBouc,France,toAlbemarle,aglobal
supplierofflameretardantsandotherspecialtychemicals.
Ferro'sPYROCHEKproductionfacilitiesarelocatedatthecompany'sKeil
ChemicalfacilityinHammond,IndianaandatitsplantinPortdeBoucwhere
productioncapacityisbeingexpanded.AlbemarlewouldproducePYROCHEK
flameretardantatPortdeBouc.Toeasethetransition,PYROCHEKproduction
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willcontinueattheHammondfacilityforashorttimeafterthesale.The
KeilfacilityinHammondwillcontinuetoproduceitsmainproductlineof
petroleumadditives.
HectorR.Ortino,Ferrochairmanandchiefexecutiveofficer,stated,
"Whiletheflameretardantbusinesshasbeenanimportantpartofour
specialtychemicalssegmentovertheyears,itclearlyfitsbetterwithin
Albemarle'sportfolio.LikeothercorebusinesseswithinFerro,themakeupof
ourspecialtychemicaloperationswillbechangingaswepursueourmost
attractiveopportunities.Thisdivestituresupportsourstrategyto
repositionourportfolioofbusinesses.Asalwaysinthesesituations,weare
committedtohelpingeasethetransitionforthededicatedandtalentedKeil
employeesaffectedbythisstrategicdecision."
FerroCorporation'sspecialtychemicalssegmentalsoincludespolymer
additives,petroleumadditivesandfineorganicintermediates.
MarkRohr,Albemarle'spresidentandchiefoperatingofficer,said,"The
additionofthePYROCHEKproductsandtheplantatPortdeBoucarepartof
ourstrategicplantoexpandanddiversifyAlbemarle'sflameretardant
portfolioandwouldallowAlbemarletoprovidemorechoicestomeetcustomer's
needsinengineeringthermoplastics.
"ThePortdeBoucmanufacturingplantwouldincreaseAlbemarle's
capabilitytosupplythisglobalmarketandthepurchasewouldallowcustomers
toobtainacompleterangeofbrominatedpolystyreneflameretardantsfrom
Albemarle.Albemarlecurrentlyoffersitsownlineofbrominatedpolystyrene
flameretardantsasSAYTEX(R)HP7010flameretardants."
Aglobalsupplierofspecialtyandfinechemicalsthatenhanceconsumer
products,AlbemarleCorporationservesmarketsforpolymers,surfactantsand
biocides,pharmaceuticals,agriculturalchemicals,photographicchemicals,
watertreatment,oilfieldchemicalsandpetroleumproducts.Formore
informationonAlbemarle,visittheCompany'sWebsiteat
http://www.albemarle.com.
ALBEMARLECONTACT:JohnMcChesney
225/3887755
FERROCONTACT:AidanGormley
Manager,InvestorRelations
216/8757155
AlbemarleCautionaryNoteonForwardLookingStatements
Someoftheinformationcontainedinthisreleaseconstitutesforward
lookingstatementswithinthemeaningofthePrivateSecuritiesLitigation
ReformActof1995.AlthoughAlbemarleCorporationbelievesitsexpectations
arebasedonreasonableassumptionswithintheboundsofitsknowledgeofits
businessandoperations,therecanbenoassurancethatactualresultswill
notdiffermateriallyfromitsexpectations.Factorswhichcouldcauseactual
resultstodifferfromexpectationsinclude,withoutlimitation,thetimingof
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ordersreceivedfromcustomers,thegainorlossofsignificantcustomers,
competitionfromothermanufacturers,changesindemandfortheCompany's
products,increasesinthecostoftheproduct,changesinthemarketin
general,fluctuationsinforeigncurrenciesandsignificantchangesinnew
productintroductionresultinginanincreaseincapitalprojectrequestsand
approvalsleadingtocapitalspending.
SOURCEAlbemarleCorporationandFerroCorporation
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