logo
  Join        Login             Stock Quote

Albemarle (ALB) Announces Intent To Exit Phosphorous Business

 May 17, 2012 08:19 AM
 


Albemarle Corp. (NYSE:ALB) revealed its intent to exit its existing phosphorous flame retardants business in a move to restructure its business portfolio and address underperforming assets.

The Baton Rouge, Louisiana-based-company sees a one-time accounting charge in the range of $80 million to $95 million in the second quarter 2012.

"It has become clear that our current phosphorus business and product lines are not strategically aligned with Vision 2015's growth plans," commented Luke Kissam, Albemarle's Chief Executive Officer.

Albemarle expects the cash outlay related to the above proposals between $5 million and $15 million with payback in nearly one year.

[Related -Albemarle (ALB) Downgraded To 'Hold' By Deutsche Bank On Lack Of Near-Term Catalysts]

The company expects earnings per share to improve by $0.10 to $0.15 per share in 2013 once these actions are completed.

The company is engaged in the development of specialty chemicals for consumer electronics, food-safety, pharmaceuticals, petroleum refining, packaging, construction, utilities, automotive, among others.

Albemarle plans to exit the business and cease operations at the Avonmouth, UK and the Nanjing, China site.

ALB shares closed Wednesday's regular trading session at $62.81.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.