Albemarle Declares Force Majeure Due to Shortage of Key Raw Materials in Urethane Supply Chain
Albemarle Declares Force Majeure Due to Shortage of Key Raw Materials in Urethane Supply Chain
CHARLOTTE, N.C., April 19, 2018 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it has declared force majeure due to the shortage of key raw materials in the production of diethyl toluene diamine (DETDA) curative products.
The company informed affected customers and is working to minimize disruptions. The company does not expect this force majeure to affect previously communicated full-year guidance for the company.
DETDA curative products are used to manufacture polyurethane materials.
About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC, is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-added, customized solutions that make them more competitive. Our solutions combine the finest technology and ingredients with the knowledge and know-how of our highly experienced and talented team of operators, scientists and engineers.
Discovering and implementing new and better performance-based sustainable solutions is what motivates all of us. We think beyond business-as-usual to drive innovations that create lasting value. Albemarle employs approximately 5,400 people and serves customers in approximately 100 countries. We regularly post information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves.
Some of the information presented in this press release, including, without limitation, statements with respect to our annual guidance and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially include, without limitation, additional delays or disruptions in the production of our curative products, or other product lines, and the other factors detailed from time to time in the reports Albemarle files with the Securities and Exchange Commission, including those described in Albemarle's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this communication. Albemarle expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Albemarle's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: Hailey Cobb, (980) 299-5640, Hailey.Cobb@albemarle.com; Investor Relations Contact: Eric Norris, (980) 299-5518, Eric.Norris@albemarle.com
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SOURCE Albemarle Corporation
