Albemarle (ALB) to Acquire Certain Lithium Assets from Jiangli New Materials
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Albemarle Corporation (NYSE: ALB) announced that it has signed a definitive agreement to acquire the lithium hydroxide and lithium carbonate conversion assets and supporting business functions currently operated by Jiangxi Jiangli New Materials Science and Technology Co. Ltd. ("Jiangli New Materials"). The transaction is expected to close by the end of the first quarter of 2017, subject to regulatory approvals and other customary closing conditions.
The transaction includes manufacturing assets located in both Jiangxi and Sichuan, China focused on the production of battery-grade lithium carbonate and lithium hydroxide. Jiangli New Materials currently tolls lithium hydroxide and lithium carbonate for Albemarle utilizing spodumene from Albemarle's Talison joint venture in Australia. Collectively, the Jiangli New Material assets have a total lithium salts capacity of 15,000 MT/year, with the ability to expand as needed to support Albemarle's growth strategy.
"We believe this transaction will further solidify Albemarle's leading position in the lithium industry, and accelerate our ability to meet our strategic goal of capturing 50% of the growth in the lithium industry," said David Klanecky, vice president of Albemarle's Lithium Division. "This transaction will enable us to supply premium lithium salts to an expanded global customer base."
"Jiangli has built a solid reputation on consistently manufacturing high-quality lithium salts," said Mr. Deng Zhiling, Chairman of Jiangli New Materials. "This transaction is an opportunity for Jiangli to create additional value for the lithium industry in Asia Pacific and abroad."
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