Albemarle raises stakes in Chinese JVs

Baton Rouge, La., U.S.A.-based Albemarle Corporation has completed definitive agreements with its Chinese partner to increase Albemarle’s ownership from 25% to 75% in two joint ventures: Ningbo Jinhai Albemarle Chemical & Industry Co., Ltd. and Shanghai Jinhai Albemarle Fine Chemicals Co., Ltd. Both companies specialize in the manufacturing and marketing of polymer antioxidants and the associated intermediates. The proposed increase in ownership is subject to approval by the Chinese authorities. This strategic acquisition will provide Albemarle deeper vertical integration in polymer antioxidants and intermediates. The Jinhai Albemarle joint ventures currently supply antioxidants to many Chinese petrochemical companies, and Albemarle will use its global presence to enhance exports from both joint venture plants to the growing regional and global plastics marketplace. (July 5, 2007)