BATON ROUGE, Louisiana, March 3, 2011 /PRNewswire/ --
Albemarle Corporation (NYSE: ALB), a global leader in the development, manufacture and marketing of bromine, bromine derivatives and other specialty chemicals, announced today that Jordan Bromine Company (JBC), its joint venture located on the Dead Sea in Safi, Jordan, will double the capacity of its bromine production in order to meet expanding global customer requirements. The company will also increase the capacity of bromine derivatives and size of its bromine ISO tank fleet. Expansion is expected to begin by mid-year with initial bromine production capacity projected to come online in 2012 to align with market needs.
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"This significant increase in bromine capacity is needed to meet growing global demand for our bromine and bromine derivatives," commented Mark Rohr, Chairman and CEO of Albemarle. "The investment further strengthens JBC's position as the world's low-cost bromine producer and allows us to continue providing our customers around the world with quality products that drive value in their processes."
Jordan Bromine Company is a joint venture between Arab Potash Company and Albemarle Holding Company, Limited, a wholly owned subsidiary of Albemarle Corporation. "This significant capital expansion of JBC's production facilities demonstrates the confidence of Arab Potash Company and Albemarle in JBC's operational capabilities and their commitment to JBC maintaining its position as a leader in the global bromine market," said Dr. Nabih Salameh, Chairman of Arab Potash Company's board of directors.
The partners commenced construction of the existing facilities in 2001, and operations began in early 2003. JBC has enjoyed steady and consistent growth through the years.
"We are well pleased with this announced expansion," said Dr. Hani El-Mulki, Jordan Minister of Trade and Industry. "An existing multi-national business reinvesting and doubling capacity in such short time, to further grow its business and profits, sends a strong signal of Jordan's powerful economic potential. New capital programs mean more jobs and more prosperity for the region."
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer, and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services. The Company is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry. Corporate Responsibility Magazine selected Albemarle to its prestigious "100 Best Corporate Citizens" list for 2010. Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to http://www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings, and other information regarding the Company, its businesses and the markets we serve.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
SOURCE Albemarle Corporation