Albemarle Corporation Invests Up To $540 Million in Arkansas Facility Expansion
CHARLOTTE, N.C., Nov. 9, 2022 – Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today planned investments of up to $540 million to expand and modernize two bromine facilities in Magnolia, Arkansas, designed to meet growing demand for fire safety and specialty products in several industries, including technology, safety, transportation, and green energy. The planned investments have begun and will continue through 2027.
“We have a long, rich history of operations in Columbia County with a strong commitment to both the community and the economy in the region,” said Netha Johnson, Albemarle’s president of Bromine. “The facility investments, along with the jobs and the economic stability they bring, reaffirm our dedication to the area and to meeting our customers’ needs as we work together to build the technologies of the future for a safer, greener world.”
The two facility projects are expected to create 250 constructions jobs utilizing local companies and workers, as well as an approximately 15% increase in total jobs at the two facilities with an average annual salary of $100,000, positively impacting the local economy.
“I am excited about the investment that Albemarle is bringing to south Arkansas,” said Arkansas Governor Asa Hutchinson. “They have been a strong business partner in Magnolia for decades, and they also have a history of giving back to the community by working to provide environmentally friendly solutions for the area’s wildlife and supporting educational opportunities for students. The jobs being created through this expansion are good, high-paying jobs that will positively impact the families of these new employees.”
“Albemarle is known throughout the world as an industry leader and innovator,” said Arkansas Secretary of Commerce Mike Preston. “Their commitment to sustainability pairs perfectly with our goals of improving economic conditions in the state while maintaining an exemplary quality of life. Their decision to expand in Magnolia is a reflection on our dedicated workforce and our business climate that allows companies that call Arkansas home to reach their full potential, both on the factory floor and out in the community.”
In addition to its planned capital investment, Albemarle is investing in leadership and technical training at its Magnolia locations with the support of the Arkansas Office of Skills Development (OSD). Programs are designed help local residents build skills and gain experience to fill the new jobs. The Magnolia Economic Development, Columbia County; the Arkansas Economic Development Corporation; and Entergy, the plant’s electrical power supplier, all support the project development and the potential economic impact for the region.
“It has been a pleasure working with the Albemarle team and seeing this project come to fruition,” said Ellie Baker, director of Magnolia Economic Development. “Albemarle has been a household name in south Arkansas for over 50 years. Its presence is felt throughout the county as a multi-generational employer and partner in community projects, schools, and events.”
As the largest corporate employer in Columbia County, Albemarle’s two facilities in Magnolia currently employ more than 400 Albemarle employees and 200 contractors. Albemarle produces several high-demand bromine and derivative products at the site used in fire safety, chemical synthesis, oil and gas well drilling and completion fluids, mercury control, paper manufacturing, water purification, beef and poultry processing, and various other industrial applications.
Forward-Looking Statements
Some of the information presented in this press release, including, without limitation, information related to the investment, expansion and modernization of the bromine facilities, plans and anticipated benefits in relation to the capital investment, 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. Actual results could differ materially from the views expressed herein. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; changes priorities, financial, and operating performance of Albemarle’s major customers and industries and markets served by Albemarle; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for Albemarle’s products or the end-user markets in which its products are sold; the availability of financing; the satisfaction of conditions to completion, including regulatory approvals; the occurrence of regulatory actions, proceedings, claims, or litigation; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under “Risk Factors” in its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and catalysts. We think beyond business as usual to power the potential of companies in many of the world’s largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.