Albemarle to Expand Antioxidant Production in China
Friday February 29, 11:29 am ET
Strategic move will further strengthen position in the China plastics additives marketplace
BATON ROUGE, La., February 29 /PRNewswire-FirstCall/ -- Albemarle Corporation, a leading global supplier of antioxidants for polymers, lubricants, fuels and biofuels, announced today that its Board of Directors has approved a project to more than double the antioxidant production capacity of Shanghai Jinhai Albemarle Fine Chemicals Co., Ltd., part of the "Jinhai Albemarle" manufacturing joint venture in which Albemarle gained a majority ownership stake last year.
This strategic expansion will allow Jinhai Albemarle to maintain its market position as the leading manufacturer and supplier of polymer antioxidants in China.
Jinhai Albemarle currently supplies antioxidants to many Chinese petrochemical companies from two integrated production sites in China. Albemarle will continue to leverage its global presence to enhance exports from both the Shanghai and Ningbo plants to the growing regional and global plastics marketplace.
Albemarle President and CEO Mark C. Rohr remarked, "Albemarle has seen steady growth in China since we began our Jinhai Albemarle ventures in 2000. Our acquisition of a majority ownership position in Jinhai Albemarle last year, combined with this significant expansion project, are key components of an ongoing strategic plan to maximize our opportunities in this market. Additional growth plans are in development to ensure Albemarle maintains its leadership position in the region and continues to deliver innovative solutions to our customers."
Albemarle's polymer antioxidants business is part of the company's Polymer Additives business segment. ETHANOX® and ETHAPHOS(TM) polymer antioxidants and ALBlend(TM) polymer additive blend packages help maintain the performance integrity and processing stability of polyolefin plastics, elastomers, adhesives and other materials. With a goal of being the "One Source for All Your Antioxidant Needs,"(TM), Albemarle has built a reputation for quality and reliability worldwide.
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; and construction and packaging materials. The Company operates in three business segments-Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries.
Source: Albemarle Corporation
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