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    Albemarle Corp (ALB)

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    Business Description

    Albemarle Corporation is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. The company operates through three main segments: Energy Storage, Specialties, and Ketjen. Albemarle's diverse product portfolio and strategic focus on innovation and sustainability are key drivers of its earnings growth . The company sells lithium compounds, specialty chemicals, and refinery catalysts, which are crucial for applications in consumer electronics, electric vehicles, and cleaner fuel production .

    1. Energy Storage - Focuses on lithium compounds essential for applications such as lithium batteries used in consumer electronics and electric vehicles, contributing significantly to the company's revenue .
    2. Specialties - Includes products that enhance fire safety, improve fuel efficiency, and reduce emissions, serving markets like electronics and automotive .
    3. Ketjen - Provides refinery catalysts that help produce cleaner fuels and other oil derivatives, with a focus on hydroprocessing and fluidized catalytic cracking catalysts .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    J. Kent MastersChairman, President, and Chief Executive OfficerApril 2020J. Kent Masters has served as the Chairman, President, and CEO of Albemarle since April 2020. He joined the Board in 2015 and was Lead Independent Director from 2018 to April 2020. Previously, he was CEO of Foster Wheeler AG and an Operating Partner at Advent International .
    Neal R. SheoreyExecutive Vice President, Chief Financial OfficerNovember 2023Neal R. Sheorey joined Albemarle as EVP and CFO in November 2023. He spent over 20 years at The Dow Chemical Company in various roles, most recently as VP of the Coatings and Performance Monomers business unit .
    Melissa AndersonSenior Vice President, Chief Human Resources OfficerJanuary 2021Melissa Anderson joined Albemarle as SVP, CHRO in January 2021. Previously, she was EVP, Administration and CHRO at Duke Energy and held roles at Domtar Corporation and IBM .
    John C. Barichivich IIIVice President, Corporate Controller, Chief Accounting OfficerNovember 2019John C. Barichivich III was appointed VP, Corporate Controller, and CAO in November 2019. He has been with Albemarle since 2007, holding various leadership positions .
    Kristin M. ColemanExecutive Vice President, General Counsel, and Corporate SecretaryNovember 28, 2022Kristin M. Coleman joined Albemarle as EVP, General Counsel, and Corporate Secretary on November 28, 2022. She has nearly 30 years of legal experience, previously serving at US Foods, Sears Holdings, and Brunswick Corporation .
    Jacobus G. FourieChief Capital Projects OfficerJune 2021Jacobus G. Fourie has served as Chief Capital Projects Officer since June 2021. He joined Albemarle in January 2019 as VP, Engineering and Project Execution. Previously, he was SVP of Capital Projects at Barrick Gold Corporation .
    Netha JohnsonChief Operations OfficerNovember 1, 2024Netha Johnson joined Albemarle in 2018 as President of the Bromine Global Business Unit. He became COO on November 1, 2024. He has over 20 years of leadership experience, including roles at 3M Company .
    Eric NorrisChief Commercial OfficerNovember 1, 2024Eric Norris joined Albemarle in January 2018 as Chief Strategy Officer and became President of the Energy Storage Global Business Unit in August 2018. He transitioned to Chief Commercial Officer on November 1, 2024 .
    Michael SimmonsPresident, Ketjen Global Business UnitJune 2023Michael Simmons joined Albemarle as President of the Ketjen Global Business Unit in June 2023. He has over 30 years of experience, including roles at Vantage Consulting and Shawcor .
    Cynthia LimaSenior Vice President, Chief External Affairs and Communications OfficerNovember 2023Cynthia Lima was appointed SVP, Chief External Affairs and Communications Officer in November 2023. She joined Albemarle in February 2023 as Chief Communications Officer and previously founded C-Suite Communications .
    Mark MummertChief Capital, Resources and Integrated Supply Chain OfficerNovember 1, 2024Mark Mummert serves as Chief Capital, Resources and Integrated Supply Chain Officer, effective November 1, 2024. Previously, he was SVP of Capital Projects .
    Donald J. LaBauve, Jr.Chief Accounting OfficerNovember 11, 2024Donald J. LaBauve, Jr. was appointed Chief Accounting Officer effective November 11, 2024. He has been with Albemarle since 1990, holding various finance roles, including CFO of the Energy Storage business unit .
    Stacy GrantGeneral Counsel, Corporate Secretary, and Chief Compliance OfficerOctober 7, 2024Stacy Grant became General Counsel, Corporate Secretary, and Chief Compliance Officer effective October 7, 2024. She joined Albemarle in 2023 as VP & Deputy General Counsel, Global Corporate Affairs .

    Questions to Ask Management

    1. Given the ongoing low lithium prices, do you believe more supply needs to be removed from the market to support price recovery, and what specific measures is Albemarle taking to address this supply-demand imbalance?

    2. Can you provide clarity on your asset sale plans, particularly regarding stakes in Greenbushes and other non-core assets like Ketjen, and how these sales align with your long-term strategic objectives?

    3. With the planned reduction of capital expenditures by at least $800 million or about 50%, how will this impact Albemarle's long-term growth prospects and ability to remain competitive in a market recovery?

    4. The targeted $300 million to $400 million in cost and productivity improvements has a broad range; what are the main factors contributing to this variability, and how confident are you in achieving the higher end of this target?

    5. Considering potential changes in government policies after the upcoming election, including tariffs and EV subsidies, how is Albemarle adjusting its strategy to mitigate risks and capitalize on the global energy transition?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amount15 million shares
    Remaining authorization7,396,263 shares
    DetailsNo shares repurchased during 2021-2023

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$3.012Current Portion of Long-Term DebtN/A0.1% = (3.012 / 3,586.452) * 100
    2025€377.1 ($411.8)1.125% Notes1.12511.5% = (411.8 / 3,586.452) * 100
    2027$650.04.65% Senior Notes4.6518.1% = (650.0 / 3,586.452) * 100
    2028€500.0 ($546.0)1.625% Notes1.62515.2% = (546.0 / 3,586.452) * 100
    2029$171.63.45% Senior Notes3.454.8% = (171.6 / 3,586.452) * 100
    2032$600.05.05% Senior Notes5.0516.7% = (600.0 / 3,586.452) * 100
    2044$350.05.45% Senior Notes5.459.8% = (350.0 / 3,586.452) * 100
    2052$450.05.65% Senior Notes5.6512.6% = (450.0 / 3,586.452) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Shell Catalysts & Technologies - Competitor in the CFT catalysts market .
    • Advanced Refining Technologies - Competitor in the CFT catalysts market .
    • Haldor Topsoe - Competitor in the CFT catalysts market .
    • W.R. Grace & Co. - Competitor in the FCC catalysts market .
    • BASF Corporation - Competitor in the FCC catalysts market .
    • China Petrochemical Corporation (Sinopec) - Competitor in the FCC catalysts market .
    • Nouryon - Competitor in the PCS market .
    • Lanxess AG - Competitor in the PCS market and in the Specialties business .
    • Arxada - Competitor in the PCS market .
    • Israel Chemicals Ltd - Competitor in the Specialties business .
    • Sociedad Quimica y Minera de Chile S.A. - Competitor in the lithium compounds market .
    • Sichuan Tianqi Lithium - Competitor in the lithium compounds market .
    • Jiangxi Ganfeng Lithium - Competitor in the lithium compounds market .
    • Rio Tinto plc - Competitor in the lithium compounds market .
    • Pilbara Minerals - Competitor in the lithium compounds market .
    • Arcadium Lithium - Competitor in the lithium compounds market .
    • Tesla - Competitor in the lithium compounds market .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1994 PresentCurrent auditor

    Latest news

    Recent developments and announcements about ALB.

    Financial Actions

      Dividend Policy

      ·
      Mar 8, 2024, 12:00 AM

      Albemarle Corporation (ALB) has announced a significant change in its dividend policy related to its new Series A Mandatory Convertible Preferred Stock.

      • Dividend Policy: Dividends on the Preferred Stock will be payable on a cumulative basis when, as and if declared by Albemarle’s board of directors at an annual rate of 7.25% on the liquidation preference of $1,000 per share of Preferred Stock (or $50 per Depositary Share). Albemarle may pay declared dividends in cash or, subject to certain limitations, in shares of Common Stock or in any combination of cash and Common Stock on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2024, and ending on March 1, 2027 .

      • Conversion Details: Each share of the Preferred Stock will automatically convert on or around March 1, 2027, into between 7.6180 and 9.1400 shares of common stock, subject to customary anti-dilution adjustments. The conversion rate will be determined based on the volume-weighted average price of the Common Stock over a specified period .

      • Market Listing: Albemarle has applied to list the Depositary Shares on the New York Stock Exchange under the symbol “ALB PR A” .

      This announcement reflects Albemarle's strategic financial planning and offers investors a structured dividend and conversion plan over the next few years.**