BATON ROUGE, La., Aug 30, 2010 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leading supplier of high performance FCC catalysts and additives, will increase prices of FCC catalysts by 10% globally, effective October 1, 2010, or as contracts allow. In addition, Albemarle will implement rare earth surcharges on FCC catalysts and additives, effective October 1, 2010, or as contracts allow and will seek shorter price validities in its FCC catalyst supply agreements.
''These measures are necessary to help account for the rapidly escalating costs of rare earth raw materials used in the manufacture of these product lines. Rare earth prices have increased by a factor of five in the last several weeks. We must pass along these increases in order to continue the investments required to deliver the product improvements our customers expect from us," says Division Vice President, FCC, Troy De Soto.
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 recently 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. To learn more, visit www.albemarle.com.
"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