BEIJING (dpa-AFX) - North Carolina-based Albemarle Corporation (ALB), a specialty chemicals business, on Friday announced its intent for strategic investments in China to support the expansion of its lithium conversion capacity.
The company recently signed investment agreements with the Yangtze River International Chemical Industrial Park in the Zhangjiagang Free Trade Zone (Jiangsu province), and the Pengshan Economic Development Park in the Pengshan District (Sichuan province).
With these agreements, Albemarle would be moving forward with its design, engineering and permitting plans to build a conversion plant at each site, each of which has planned production capacity initially targeting 50,000 metric tons lithium hydroxide per annum. Subject to additional studies and approvals, it is expected these plants would start construction during 2022 and complete construction by the end of 2024.
The investments, aimed at expanding the company's high-quality, battery-grade hydroxide production capacity in China is considered an important step in its Capital Excellence Program with potential benefits of speed to market, lower capital intensity, lower product cost, and improved sustainability.
Shares of Albemarle are currently trading in pre-market at $236.50, up $2.34 or 1.00 percent from previous close.
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