BATON ROUGE, La., June 8 /PRNewswire-FirstCall/ -- Albemarle Corporation , a leading global supplier of catalysts and additives to the petroleum refining industry, is increasing the prices for its carbon monoxide (CO) combustion promoters by 20 percent worldwide effective immediately, or as contracts allow.
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"This price increase is needed in part to help offset the rapidly escalating cost of production, especially noble metals," said Augusto Quinones, Albemarle Global Business Steward for Fluidized Catalytic Cracking (FCC) Additives. "The price increases should also help us move toward a sustainable business structure by delivering an acceptable return on our assets while allowing us to continue to develop the innovative, next- generation products and services our customers need and expect from Albemarle."
Albemarle's FCC environmental control additives are vital to helping petroleum refiners meet stringent environmental regulatory standards by reducing sulfur oxide (SOx) and nitrogen oxide (NOx) emissions from FCC units, the main units used to convert heavy hydrocarbon oils to transportation fuels.
Albemarle's combustion promoters are used to regenerate used FCC catalysts by burning off the carbon deposited during the cracking process, catalyzing the oxidation of CO to carbon dioxide (CO2). In addition to traditional platinum-based CO combustion promoters, Albemarle also markets a non-platinum version (ELIMINOx) that efficiently oxidizes CO while reducing NOx emissions by about 50 percent.
Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; construction and packaging materials. The Company operates in three business segments -- Polymer Chemicals, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries. Learn more about Albemarle's refinery catalysts at http://www.albemarle.com/ or http://www.albemarle.com/Products_and_services/Catalysts/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business which 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.
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