Global specialty chemicals firm Albemarle Corporation has unveiled plans to make investments in China in line with its lithium conversion capacity expansion, according to a statement.
- Albemarle inked investment agreements with the Yangtze River International Chemical Industrial Park in the Zhangjiagang Free Trade Zone in the Jiangsu province and the Pengshan Economic Development Park in the Pengshan District in the Sichuan province.
- Lithium President Eric Norris touted the transactions as “important steps” in the company’s continued plans to invest in new capacity that will boost the customers’ growth plans and will lead to “high-quality, Battery-grade” hydroxide production capacity in China.
- Under the agreements, Albemarle will push through with its design, engineering, and permitting plans to put up a conversion plant in every site, with an initial planned production capacity target of 50,000 metric tons of lithium hydroxide per annum.
The Chief Capital Projects Officer said the transactions represent the next step in its Capital Excellence Program. ALB is up 0.93%.