The process to move the catalysts business to its new legal structure is under way and expected to be finalized in about 18 months. The new subsidiary, which is yet to be named, will be led by Raphael Crawford, current president of the catalysts global business unit.

"We are confident that there is significant value in the catalysts business that can address the needs of the evolving global market and create growth for customers, employees, and our shareholders," said CEO Kent Masters. "We believe that retaining the business under this new structure is the best path to that outcome."

In response to the accelerating energy transition, the catalysts business announced in September 2021 that it had rejigged its strategy to focus on new geographies in India and Southeast Asia, attractive crude-to-chemical technologies, renewable diesel to serve a larger hydro-treated vegetable oil market, and pyrolysis oil treatment for synthetic fuel. At the same time, Albemarle said it would review the catalysts business to determine the best way to support its strategy for growth.

As a consequence of the catalyst reorganization, Albemarle will now also realign its bromine and lithium businesses in a move it said would “better meet customer needs and foster talent required to deliver in a competitive global environment.”

The two new global business units will be Albemarle Specialties and Albemarle Energy Storage, and they are expected to go into operation on Jan. 1, 2023.

Albemarle Specialties will include the current bromine and lithium specialties businesses, with the two benefiting from complementary competencies in organic chemistry, application knowledge and process technology. Netha Johnson, who currently leads the bromine business, will become president of Albemarle Specialties.

Albemarle Energy Storage will comprise the hydroxide, carbonate, battery-grade metal and advanced energy storage businesses that sit in the existing lithium unit. The new division will focus on the markets, customers, resources, production and advanced metals research needed to advance the lithium-ion battery evolution and the global energy transition, Albemarle said. The current president of the lithium business Eric Norris will head up Albermarle Energy Storage.

Author: Elaine Burridge, Freelance Journalist