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Albemarle reports results, misses estimates

February 25/2020

MOSCOW (MRC) -- Albemarle Corporation announced its results for the fourth quarter and full year 2019. The company’s net sales in fourth quarter increased 8% to USD993 million with an adjusted EBITDA of USD295 million increasing 12%, reported Kemicalinfo.
Its full year net sales increased 6% to USD3.6 billion with an adjusted EBITDA of USD1.04 billion increasing 3%.

Net sales in the Lithium business were USD411 million, up roughly 20% prior-year quarter. Net sales grew because of favorable volume of 27%, largely in battery-grade lithium hydroxide.

Net sales in the Catalysts business were USD282.5 million, down roughly 7% prior-year quarter. Fall in sales of Clean Fuel Technology, or HPC, and Fluid Catalytic Cracking (FCC) Catalysts due to delays in the start-up of new FCC units, partially offset by favorable price impacts and product mix caused the decline.
Net sales in the Bromine Specialties business were USD243.5 million, up roughly 2% prior-year quarter. Net sales increased due to favorable price impacts and product mix of 3%.

"Our ability to integrate, execute and adapt to market conditions contributed to our strong growth and notable achievements this year," said CEO Luke Kissam. "In 2019, we saw solid performances across our portfolio and expanded our market-leading position in Lithium with additional high-quality resources and greater nameplate conversion capacity."

Albemarle anticipates its 2020 performance to be lower year-over-year based on expected lower results from Lithium and flat-to-slightly lower results from Bromine Specialties, partially offset by flat to slightly higher results from Catalysts.

As MRC wrote before, in April 2018, W. R. Grace & Co. completed the USD416 million acquisition of the Polyolefin Catalysts business of Albemarle Corporation. The acquired business primarily develops and manufactures proprietary and custom-manufactured single-site catalysts as well as metallocenes and activators used in the production of plastic resins. The transaction also includes a comprehensive series of highly optimized Ziegler-Natta catalysts for polyethylene production. The acquisition includes production plants in Baton Rouge, LA and Yeosu, South Korea; R&D and pilot plant capabilities; and an extensive portfolio of intellectual property.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).
Author:Margaret Volkova
Tags:PP, PE, PP random copolymer, propylene, ethylene, Albemarle, W.R. Grace.
Category:General News
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