Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, has signed a definitive agreement to acquire the lithium hydroxide and lithium carbonate conversion assets and supporting business functions currently operated by Jiangxi Jiangli New Materials Science and Technology Co. Ltd. The transaction includes manufacturing assets located in both Jiangxi and Sichuan, China focused on the production of battery-grade lithium carbonate and lithium hydroxide.
We believe this transaction will further solidify Albemarle's leading position in the lithium industry, and accelerate our ability to meet our strategic goal of capturing 50% of the growth in the lithium industry. This transaction will enable us to supply premium lithium salts to an expanded global customer base.—David Klanecky, vice president of Albemarle’s Lithium Division
The transaction is expected to close by the end of the first quarter of 2017, subject to regulatory approvals and other customary closing conditions.