BATON ROUGE, La., Aug. 7, 2012 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) announced that its board of directors has authorized the expansion of its facility in Yeosu, Korea. The Yeosu facility, which is currently in the final stages of construction, will produce commercial quantities of finished catalysts and components used in the polymer industry. The additional manufacturing capacity that has been authorized by the board will be dedicated to producing Albemarle's PureGrowth™ products, including high purity trimethyl gallium (TMG), triethyl gallium (TEG) and trimethyl aluminum (TMA). These products are used in metal organic chemical vapor deposition (MOCVD), a process used to manufacture chips for semiconductors, LEDs, and optoelectronic devices. The Korean expansion will complement Albemarle's existing capacity for these products, as well as trimethyl indium (TMI), at its facility in Baton Rouge, LA.
"This expansion further strengthens Albemarle's position as the global leader in metal organic chemistry," said Amy H. Motto, Vice President of Albemarle's Catalysts global business unit. "More specifically, these new assets will enable us to meet both existing and future demand in the rapidly expanding electronic chemicals market."
"Over 80% of the global demand for LED products is in Asia," said Jenny S. Hebert, Global Product Manager for Electronic Materials. "Expansion of our Korea facility will ensure security of supply in this high-growth region while reducing transportation risks. These state-of-the-art facilities will also allow us to consistently maintain the high purity standards required of electronic-grade metal organics."
Property for the expansion has been acquired and infrastructure plans have already been finalized and approved. The project is slated for completion in 2013.
About Albemarle's Performance Catalyst Solutions
Albemarle's Performance Catalyst Solutions division, a segment of its Catalyst global business unit, delivers high performance catalyst solutions through a finished catalyst product portfolio. The division is comprised of three business units: Polymer Catalysts, Chemical Catalyst, and Electronic Materials. Collectively, these businesses provide performance-based products and services that are used in the plastics, agricultural, and electronics industries.
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 and 2011. Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to 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