BATON ROUGE, La. - Albemarle Corp. has completed its acquisition of 100 percent ownership of two polymer additive joint ventures in China: Ningbo Jinhai Albemarle Chemical & Industry Co. Ltd. and Shanghai Jinhai Albemarle Fine Chemicals Co. Ltd.
The agreement was completed on June 30 near the one-year anniversary of Albemarle’s acquisition of a majority ownership stake in the “Jinhai Albemarle” JVs in July 2007. With the new, 100 percent ownership agreement, both facilities are now wholly owned subsidiaries of Albemarle Corp.
“By taking full ownership of these two integrated production sites in China and doubling antioxidant production capacity at the Shanghai facility, announced earlier this year, Albemarle is now the leading manufacturer and supplier of polymer antioxidants in China and one of the top suppliers worldwide,” said John Sun, division vice president of Albemarle’s stabilizers and curatives business and managing director of Albemarle’s China operations.
“Our aim is to continue to provide even broader solutions for our customers in China and the growing regional and global marketplace,” Sun said.
The acquisition of a complete stake in Jinhai Albemarle is the latest step forward on the path outlined in Vision 2010, the company’s strategy to drive financial and operational excellence by using Albemarle’s capacity for innovation to address societal challenges.
Albemarle President and CEO Mark Rohr said, “Over the next three years, we expect to make significant progress toward our strategic growth objectives, as well as to become the number one green solutions provider to our chosen markets, including polymer additives. Our growing work force and productivity in China will play an important role in that strategy.”