Albemarle Corporation is a global specialty chemicals company, transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. The company's core business model involves partnering to pioneer new ways to move, power, connect, and protect. Albemarle's primary revenue streams come from serving end markets such as grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals, and medical devices. The company believes its world-class resources, reliable supply, leading process chemistry, high-impact innovation, customer centricity, and focus on people and planet allow it to maintain a leading position in the industries in which it operates. Albemarle operates more than 25 production and R&D facilities, as well as administrative and sales offices, around the world. The global lithium market is highly competitive and growing rapidly, characterized by aggressive expansion and entry from existing and new players. Major competitors in lithium compounds include Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Arcadium Lithium, and Tesla.

• Employees: Approximately 9,000 (as of December 31, 2023)
• Geographic Footprint: Approximately 70 countries
• Headquarters: Charlotte, North Carolina
• Founded: 1993
• Number of locations/facilities: More than 25 production and research and development facilities
• Revenue: $9.6 billion (FY2023)
• Key Subsidiaries/Brands: Ketjen

• CEO: J. Kent Masters
• CFO: Neal R. Sheorey
• Chief Human Resources Officer: Melissa Anderson
• Vice President, Corporate Controller, Chief Accounting Officer: John C. Barichivich III
• Executive Vice President, General Counsel and Corporate Secretary: Kristin M. Coleman
• Chief Capital Projects Officer: Jacobus G. Fourie
• President, Specialties Global Business Unit: Netha Johnson
• Senior Vice President, Chief External Affairs and Communications Officer: Cynthia Lima
• President, Energy Storage Global Business Unit: Eric Norris
• President, Ketjen Global Business Unit: Michael Simmons

Key leaders have extensive experience in progressive finance, business and corporate leadership, and in the specialty chemicals industry.

• Annual Revenue: $9.6 billion (FY2023)
• Net Income: $1.6 billion
• Total Assets: $18.3 billion
• Number of Employees: Approximately 9,000 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 31% year-over-year, driven by higher sales volume and increased pricing. Net income decreased due to higher costs, a charge to reduce the value of spodumene and finished goods, and a legal accrual.

Albemarle develops and manufactures a variety of chemical compounds, including:

• Lithium Compounds: Lithium carbonate, lithium hydroxide, and lithium chloride used in batteries, consumer electronics, electric vehicles, and other applications.
• Bromine Specialties: Elemental bromine, alkyl bromides, inorganic bromides, and brominated powdered activated carbon used in fire safety, pharmaceuticals, and other industries.
• Ketjen: Hydroprocessing catalysts, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions used in oil refining and petrochemical industries.

Albemarle operates through three reportable segments:

• Energy Storage: Pioneers better lithium use through reliable supply and consistent quality. Develops and manufactures basic lithium compounds.
• Specialties: Optimizes a portfolio of bromine and highly specialized lithium solutions, serving a variety of industries.
• Ketjen: Provides a wide range of hydroprocessing catalysts, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.

Albemarle's current strategic priorities include:

• Focusing on improving execution through greater asset efficiency, market focus, agility, and responsiveness.
• Investing in research and development to develop innovative chemistries and technologies.
• Expanding production capacity, particularly in lithium, to meet growing demand.
• Pursuing acquisitions and joint ventures to expand the business and provide new alternatives for discovery.
• Emphasizing sustainability through green chemistry and responsible management of natural resources.
• Maintaining a diverse, equal, and inclusive workplace.

The company's long-term business goals include achieving net-zero carbon emissions by 2050 and reducing freshwater usage intensity by 25% by 2030 in high-risk areas. Albemarle is also focused on developing new products and applications, and is investing in technology and people to reduce energy consumption, greenhouse gas emissions and air emissions.

Albemarle operates primarily in the specialty chemicals industry, with a significant presence in the lithium, bromine, and refinery catalysts markets.

• Primary Industry: Specialty Chemicals
• Market Trends: Increasing demand for lithium-ion batteries, electric vehicles, and sustainable energy solutions. Growing adoption of fire safety technologies and increasing demand for cleaner fuels.
• Major Competitors: Sociedad Quimica y Minera de Chile S.A., Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Rio Tinto plc, Pilbara Minerals, Arcadium Lithium, Tesla, Lanxess AG, Israel Chemicals Ltd, W.R. Grace & Co., BASF Corporation, China Petrochemical Corporation (Sinopec), Nouryon and Arxada.

• Market Risks: Competition in the global lithium market, which is increasingly based on index-based market pricing and differentiated via product quality, product diversity, reliability of supply and customer service. Downturns in customer industries, which are often cyclical, could adversely affect sales and profitability.
• Operational Risks: Inability to secure key raw materials, or pass through increases in costs and expenses, including due to climate change. Hazards common to chemical and natural resource extraction businesses, including accidents, fires, and environmental contamination, could injure employees or other persons, damage facilities or other properties, interrupt production, and adversely affect the company's reputation and results of operations.
• Financial Risks: Fluctuations in currency exchange rates may adversely affect operating results and net income. Significant or prolonged periods of higher interest rates may have an adverse effect on results of operations, financial condition and cash flows. Inflationary trends in the price of input costs, such as raw materials, transportation and energy, could adversely affect business and financial results.
• Regulatory Risks: Regulation, or the threat of regulation, of some of the company's products could have an adverse effect on sales and profitability. The company is subject to extensive foreign government regulation that can negatively impact its business.