Specialty chemicals company Albemarle Corporation (ALB - Free Report) declared that it will increase the price of ETHANOX 4703 on all shipments worldwide by 95 cents per kilogram. The price hike is effective immediately or as per the contracts.
Albemarle’s antioxidants business is a part of its Polymer Solutions segment. The Polymer Solutions unit develops and produces antioxidants for lubricants, petroleum and biodiesel fuels. ETHANOX antioxidants increase the stability, improve the performance and expand the storage life of lubricants and fuels used globally.
Albemarle also produces ETHANOX antioxidants for the manufacturers of polyolefins. It retains the physical properties during the manufacturing process, including the color of the final product. These antioxidants are found in the applications of slit film, wire and cable, food, packaging and pipes.
Baton Rouge, La.-based Albemarle, a global leader in the development, manufacture and marketing of bromine, bromine derivatives and other specialty chemicals, recently declared that its joint venture, Jordan Bromine Company (JBC), has successfully commissioned the first phase of its expansion project. The phase doubles the bromine production capacity of the site. The investment reinforces JBC’s position as the world's low-cost bromine producer.
Albemarle, in Jan 2013, reported fourth-quarter 2012 adjusted earnings of $1.17 a share compared with $1.13 per share earned in the year-ago quarter. The results surpassed the Zacks Consensus Estimate of 99 cents, reflecting a positive surprise of around 18%.
Albemarle’s exit from the phosphorus business, absence of pension obligations, its strong balance sheet and investments for future growth are expected to benefit the company, going forward.
Albemarle currently retains a short-term Zacks Rank #3 (Hold).
Eastman Chemical Co. (EMN - Free Report) , Axiall Corporation and LyondellBasell Industries (LYB - Free Report) also belong to the diversified chemical industry. Each of them holds a Zacks Rank #2 (Buy).