Albemarle to Expand Presence in Asia Via China Technology Center, Production Facilities and Joint Ventures

RICHMOND, Va., July 18 /PRNewswire-FirstCall/ -- Specialty chemicals maker Albemarle Corporation (NYSE: ALB) has entered into a letter of intent to acquire land in China for the construction of a technology center, a repackaging facility for polyolefin co-catalysts, and future production centers for various polymer additives.

Initial activities at the wholly owned site, which is located in the Nanjing Chemical Industry Park, will include basic flame retardant technical service for customers in China and Asia. Additionally, the facility will feature a complete flexible polyurethane foam flame retardant testing lab and polymer testing capability for Albemarle's ALBlend(TM) proprietary, free- flowing, pelletized polymer additive blend systems.

Concurrently, Albemarle has signed definitive agreements to form a second joint venture for the production and marketing of polymer stabilizers and intermediates for polymer stabilizers. The new joint venture company will be named Shanghai Jinhai Albemarle Fine Chemicals Company Limited and will be a sister company to Albemarle's existing joint venture company, Ningbo Jinhai Albemarle Chemical and Industry Company Limited.

"Albemarle is committed to using our technical solutions capability to support growth in China and Asia. The Nanjing technology center represents a significant milestone in our Asia plans," said Albemarle President and CEO Mark Rohr. "In addition, the second polymer stabilizer joint venture will allow the Jinhai Albemarle Companies to maintain the leading antioxidant position in China and increase our export presence."

Albemarle Corporation, headquartered in Richmond, Virginia, USA, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. The Company operates in three business segments -- Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries.

Albemarle and ALBlend are either registered trademarks or trademarks of Albemarle Corporation in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

For more information on Albemarle Corporation: http://www.albemarle.com/mainfrm.htm

SOURCE: Albemarle Corporation

CONTACT: Carson Greer, +1-804-788-6092, or carson_greer@albemarle.com , or Scott Sutton, Japan, +81-3-5251-2544, or scott_sutton@albemarle.com , both of Albemarle Corporation