1





                     SECURITIES AND EXCHANCE COMMISSION
                         WASHINGTON, D.C.  20549


                              FORM 11-K
              




            X  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
           --- SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
               For the fiscal year ended December 31, 1997
                                         ------------------
                                  OR

           --- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
               For the transition period from ______to ________

               Commission file number: 33-75622

                 A. Full title of the plan and the address of the
                    plan, if different from that of the issuer
                    named below:

                      SAVINGS PLAN FOR THE EMPLOYEES
                         OF ALBEMARLE CORPORATION

                 B. Name of issuer of the securities held
                    pursuant to the plan and the address of its
                    principal executive office:

                         Albemarle Corporation
                         330 S. Fourth Street
                         Richmond, Virginia  23219

2

                  REQUIRED INFORMATION
       See Appendix 1.


                       SIGNATURES

     The Plan.  Pursuant to the requirements of the Securities
     Exchange Act of 1934, the trustees (or other persons who
     administer the employee benefit plan) have duly caused this
     annual report to be signed on its behalf by the undersigned
     hereunto duly authorized.


                                        SAVINGS PLAN FOR THE EMPLOYEES
                                        OF ALBEMARLE CORPORATION


                                        BY: s/ Charles B. Walker
                                            -------------------------
                                            Charles B. Walker
                                            Chairman of the Savings
                                             Plan Committee

     Dated: June 29, 1998





3
                                                     Appendix I
                                
                                
                                
                                
                                
                                
               SAVINGS PLAN FOR THE EMPLOYEES OF
                     ALBEMARLE CORPORATION
                         ANNUAL REPORT
                   DECEMBER 31, 1997 AND 1996



4

SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION
INDEX OF FINANCIAL STATEMENTS AND SCHEDULES


                                                        Page 
                                                               
                                                               
                                                               
Report of Independent Accountants                        2  

 Financial Statements:

  Statement of Assets Available for Benefits With Fund
   Information at December 31, 1997                      3
                                                          
  Statement of Assets Available for Benefits With Fund
   Information at December 31, 1996                      4

  Statement of Changes in Assets Available for Benefits
   With Fund Information for the Year Ended December
   31, 1997                                              5

  Notes to Financial Statements                         6-15
                                                               
                                                               
Supplemental Schedules:

  Assets Held for Investment Purposes,
   December 31, 1997                                     16

  Nonexempt Party-in-Interest Transactions for
   the Year Ended December 31, 1997                      *

  Obligations in Default for the Year Ended
   December 31, 1997                                     *

  Leases in Default for the Year Ended
   December 31, 1997                                     *

  Reportable Transactions for the Year Ended
   December 31, 1997                                     17

                                                               
   *Trustee reported no such transactions, obligations
     or leases in default.

5
Report of Independent Accountants

To Albemarle Corporation, Plan Administrator:

We have audited the accompanying statements of assets available
for benefits with fund information of the Savings Plan for the
Employees Of Albemarle Corporation (the "Plan") as of December
31, 1997 and 1996, and the related statement of changes in assets
available for benefits with fund information for the year ended
December 31, 1997.  These financial statements are the
responsibility of the Plan's management.  Our responsibility is
to express an opinion on these financial statements based on our
audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the assets available
for benefits of the Plan as of December 31, 1997 and 1996, and
the changes in assets available for benefits for the year ended
December 31, 1997, in conformity with generally accepted
accounting principles.

Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole.  The
supplemental schedules of assets held for investment purposes and
reportable transactions are presented for purposes of additional
analysis and are not a required part of the basic financial
statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974.  These supplemental schedules are the responsibility of the
Plan's management.  The fund information in the statements of
assets available for benefits and statement of changes in assets
available for benefits is presented for purposes of additional
analysis rather than to present the assets available for benefits
and changes in assets available for benefits of each fund.  The
supplemental schedules and fund information have been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.

Richmond, Virginia
June 22, 1998

6

SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1997

Participant Directed ----------------------------------------------- Common Common Stock Stock Inactive Options ------------- ----------------------------------- Albemarle Ethyl Tredegar Corporation Corporation Industries Inc. Common Common Common Stock Stock Stock ------------- --------------- ----------------- Assets: Cash ------------ ---------------- ----------------- Investments: Co-Mingled Trusts: Merrill Lynch Retirement Preservation Trust (cost $37,708,235) Merrill Lynch Equity Index Trust(cost $36,444,235) Mutual Funds: PIMCO Total Return Fund (cost $6,344,260) Merrill Lynch Capital Fund(cost $10,828,717) Davis New York Venture Fund (cost $900,552) Alliance Premier Growth Fund (cost $794,843) Merrill Lynch Growth Fund(cost $881,787) Franklin Small Cap Growth Fund (cost $1,207,779) Ivy International Fund(cost $316,096) Loan Fund: Loan Fund Common Stocks: Albemarle Corporation (cost $55,986,394) Participant directed $56,146,418 Non-participant directed Ethyl Corporation $19,001,575 (cost $18,701,465) Tredegar Industries, Inc. $13,806,159 (cost $719,260) ------------- --------------- ----------------- Total investments 56,146,418 19,001,575 13,806,159 Receivables: Interest and dividends ------------- -------------- ------------------ Assets available $56,146,418 $19,001,575 $13,806,159 for benefits ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 7 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 Participant Directed ----------------------------------------------- Comingled Mutual Trusts Funds ----------------------------- ----------------- Merrill Lynch Merrill Retirement Lynch PIMCO Preservation Equity Index Total Return Trust Trust Fund ------------- --------------- ----------------- Assets: Cash $50,275 $28,354 ------------ ---------------- ----------------- Investments: Co-Mingled Trusts: Merrill Lynch Retirement Preservation Trust (cost $37,708,235) 37,708,235 Merrill Lynch Equity Index Trust(cost $36,444,235) $37,749,800 Mutual Funds: PIMCO Total Return Fund (cost $6,344,260) 6,239,540 Merrill Lynch Capital Fund(cost $10,828,717) Davis New York Venture Fund (cost $900,552) Alliance Premier Growth Fund (cost $794,843) Merrill Lynch Growth Fund(cost $881,787) Franklin Small Cap Growth Fund (cost $1,207,779) Ivy International Fund(cost $316,096) Loan Fund: Loan Fund Common Stocks: Albemarle Corporation (cost $55,986,394) Participant directed Non-participant directed Ethyl Corporation (cost $18,701,465) Tredegar Industries, Inc. (cost $719,260) ------------- --------------- ----------------- Total investments 37,708,235 37,749,800 6,239,540 Receivables: Interest and dividends 182 102 ------------- -------------- ------------------ Assets available $37,759,142 $37,749,800 $6,267,996 for benefits ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 8 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 Participant Directed ----------------------------------------------- Mutual Funds ------------------------------------------------- Davis Alliance Merrill Lynch New York Premier Capital Venture Growth Fund Fund Fund ------------- --------------- ----------------- Assets: Cash $126,816 $15,417 ------------ ---------------- ----------------- Investments: Co-Mingled Trusts: Merrill Lynch Retirement Preservation Trust (cost $37,708,235) Merrill Lynch Equity Index Trust(cost $36,444,235) Mutual Funds: PIMCO Total Return Fund (cost $6,344,260) Merrill Lynch Capital Fund(cost $10,828,717) $10,643,543 Davis New York Venture Fund (cost $900,552) 916,056 Alliance Premier Growth Fund (cost $794,843) 817,150 Merrill Lynch Growth Fund(cost $881,787) Franklin Small Cap Growth Fund (cost $1,207,779) Ivy International Fund(cost $316,096) Loan Fund: Loan Fund Common Stocks: Albemarle Corporation (cost $55,986,394) Participant directed Non-participant directed Ethyl Corporation (cost $18,701,465) Tredegar Industries, Inc. (cost $719,260) ------------- --------------- ----------------- Total investments 10,643,543 916,056 817,150 Receivables: Interest and dividends 454 55 ------------- -------------- ------------------ Assets available $10,643,543 $1,043,326 $832,622 for benefits ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 9 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 Participant Directed ----------------------------------------------- Mutual Funds ------------------------------------------------- Franklin Merrill Lynch Small Cap Ivy Growth Growth International Fund Fund Fund ------------- --------------- ----------------- Assets: Cash $280,917 $8,104 ------------ ---------------- ----------------- Investments: Co-Mingled Trusts: Merrill Lynch Retirement Preservation Trust (cost $37,708,235) Merrill Lynch Equity Index Trust(cost $36,444,235) Mutual Funds: PIMCO Total Return Fund (cost $6,344,260) Merrill Lynch Capital Fund(cost $10,828,717) Davis New York Venture Fund (cost $900,552) Alliance Premier Growth Fund (cost $794,843) Merrill Lynch Growth Fund(cost $881,787) 901,104 Franklin Small Cap Growth Fund (cost $1,207,779) 1,246,066 Ivy International Fund(cost $316,096) $316,206 Loan Fund: Loan Fund Common Stocks: Albemarle Corporation (cost $55,986,394) Participant directed Non-participant directed Ethyl Corporation (cost $18,701,465) Tredegar Industries, Inc. (cost $719,260) ------------- --------------- ----------------- Total investments 901,104 1,246,066 316,206 Receivables: Interest and dividends 1,006 28 ------------- -------------- ------------------ Assets available $1,183,027 $1,254,198 $316,206 for benefits ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 10 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1997 Non- Participant Participant Directed Directed ------------- --------------- Common Loan Fund Stock ------------------------------ Albemarle Corporation Common Stock Total ------------- --------------- ----------------- Assets: Cash $510,133 ------------ ---------------- ----------------- Investments: Co-Mingled Trusts: Merrill Lynch Retirement Preservation Trust (cost $37,708,235) 37,708,235 Merrill Lynch Equity Index Trust(cost $36,444,235) 37,749,800 Mutual Funds: PIMCO Total Return Fund 6,239,540 (cost $6,344,260) Merrill Lynch Capital Fund(cost $10,828,717) 10,643,543 Davis New York Venture Fund (cost $900,552) 916,056 Alliance Premier Growth Fund (cost $794,843) 817,150 Merrill Lynch Growth Fund(cost $881,787) 901,104 Franklin Small Cap Growth Fund (cost $1,207,779) 1,246,066 Ivy International Fund(cost $316,096) 316,206 Loan Fund: Loan Fund $680,128 680,128 Common Stocks: Albemarle Corporation (cost $55,986,394) Participant directed 56,146,418 Non-participant directed $40,841,050 40,841,050 Ethyl Corporation (cost $18,701,465) 19,001,575 Tredegar Industries, Inc. (cost $719,260) 13,806,159 ------------- --------------- ----------------- Total investments 680,128 40,841,050 227,013,030 Receivables: Interest and dividends 1,827 ------------- -------------- ------------------ Assets available $680,128 $40,841,050 $227,525,190 for benefits ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements.
11 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996
Participant Directed --------------------------------------------------- Common Stock Common Stock Inactive Options --------------- ---------------------------------- Albemarle Ethyl Tredegar Corporation Corporation Industries, Inc. Common Stock Common Stock Common Stock -------------- -------------- ----------------- Assets: Cash $409 $457 ------------- --------------- ---------------- Investments: Money Market fund: Nations Prime Fund (cost $44,540,812) Mutual funds: Fidelity U.S. Bond Index Portfolio Fund (cost $4,824,976) Nations Equity Index Fund (cost $17,765,304) Nations Balanced Fund (cost $4,819,963) Common stocks: Albemarle Corporation (cost $54,122,991): Participant directed 24,628,785 Non-participant directed Ethyl Corporation (cost $21,726,517) $27,639,769 Tredegar Industries, Inc. (cost $724,689) 9,140,787 -------------- --------------- ----------------- Total investments 24,628,785 27,639,769 9,140,787 Receivables: Interest and dividends 90,459 364,878 18,418 Employee contributions 17,922 Employer contributions ------------- -------------- ------------------ Assets available for benefits $24,737,575 $28,004,647 $9,159,662 ------------- -------------- ------------------ ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 12 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996 Participant Directed --------------------------------------------------- Mutual Money Market Funds --------------- ---------------------------------- Fidelity U.S. Nations Prime Bond Index Nations Equity Fund Portfolio Fund Index Fund -------------- -------------- ----------------- Assets: Cash $65,593 $17,125 $220,840 ------------- --------------- ---------------- Investments: Money Market fund: Nations Prime Fund (cost $44,540,812) 44,540,812 Mutual funds: Fidelity U.S. Bond Index Portfolio Fund (cost $4,824,976) 4,840,001 Nations Equity Index Fund (cost $17,765,304) 21,740,975 Nations Balanced Fund (cost $4,819,963) Common stocks: Albemarle Corporation (cost $54,122,991): Participant directed Non-participant directed Ethyl Corporation (cost $21,726,517) Tredegar Industries, Inc. (cost $724,689) -------------- --------------- ----------------- Total investments 44,540,812 4,840,001 21,740,975 Receivables: Interest and dividends 200,276 27,730 Employee contributions 9,699 2,359 14,628 Employer contributions ------------- -------------- ------------------ Assets available for benefits $44,816,380 $4,887,215 $21,976,443 ------------- -------------- ------------------ ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements. 13 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION December 31, 1996 Non- Participant Participant Directed Directed --------------- -------------- Mutual Common Funds Stock --------------- -------------- Nations Albemarle Balanced Corporation Fund Common Stock Total -------------- -------------- ----------------- Assets: Cash $50,857 $355,281 ------------- --------------- ---------------- Investments: Money Market fund: Nations Prime Fund (cost $44,540,812) 44,540,812 Mutual funds: Fidelity U.S. Bond Index Portfolio Fund (cost $4,824,976) 4,840,001 Nations Equity Index Fund (cost $17,765,304) 21,740,975 Nations Balanced Fund (cost $4,819,963) 5,718,942 5,718,942 Common stocks: Albemarle Corporation (cost $54,122,991): Participant directed 24,628,785 Non-participant directed $51,019,214 51,019,214 Ethyl Corporation (cost $21,726,517) 27,639,769 Tredegar Industries, Inc. (cost $724,689) 9,140,787 -------------- --------------- ----------------- Total investments 5,718,942 51,019,214 189,269,285 Receivables: Interest and dividends 192,844 894,605 Employee contributions 4,979 49,587 Employer contributions 23,842 23,842 ------------- -------------- ------------------ Assets available for benefits $5,774,778 $51,235,900 $190,592,600 ------------- -------------- ------------------ ------------- -------------- ------------------ The accompanying notes are an integral part of the financial statements.
14 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997
Participant Directed ----------------------------------------------------- Common Stock Common Stock Inactive Options --------------- ---------------------------------- Albemarle Ethyl Tredegar Corporation Corporation Industries, Inc. Common Stock Common Stock Common Stock -------------- -------------- ----------------- Investment Income: Dividends $569,325 $1,057,487 $55,185 Interest Net appreciation (depreciation) in the fair value of investments 14,526,256 (4,680,738) 5,704,176 ------------- --------------- ----------------- Contributions: Employee Contributions 3,521,106 Employer Contributions ------------- --------------- ----------------- Total contributions 3,521,106 ------------- --------------- ----------------- Total additions (deductions) 18,616,687 (3,623,251) 5,759,361 ------------- --------------- ----------------- Benefit payments (3,218,465) (1,485,740) (730,997) Interfund transfers 16,022,345 (3,893,978) (381,737) Other, net (11,724) (103) (130) ------------- --------------- ----------------- Total(deductions) additions 12,792,156 (5,379,821) (1,112,864) ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 31,408,843 (9,003,072) 4,646,497 Assets available for benefits, beginning of year 24,737,575 28,004,647 9,159,662 ------------- --------------- ----------------- Assets available for benefits, end of year $56,146,418 $19,001,575 $13,806,159 ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 15 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Participant Directed ----------------------------------------------------- Co-Mingled Money Trusts Market ------------------------------- ------------------ Merrill Lynch Retirement Merrill Lynch Preservation Equity Index Nations Prime Trust Trust Fund -------------- -------------- ----------------- Investment Income: Dividends $566,173 $372 Interest $1,510,939 Net appreciation (depreciation) in the fair value of investments 1,353,835 ------------- --------------- ----------------- Contributions: Employee Contributions 309,526 765,814 1,037,748 Employer Contributions ------------- --------------- ----------------- Total contributions 309,526 765,814 1,037,748 ------------- --------------- ----------------- Total additions (deductions) 875,699 2,120,021 2,548,687 ------------- --------------- ----------------- Benefit payments (16,928) (11,418) (5,672,744) Interfund transfers 36,906,315 35,658,596 (41,692,323) Other, net (5,944) (17,399) ------------- --------------- ----------------- Total(deductions) additions 36,883,443 35,629,779 (47,365,067) ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 37,759,142 37,749,800 (44,816,380) Assets available for benefits, beginning of year 44,816,380 ------------- --------------- ----------------- Assets available for benefits, end of year $37,759,142 $37,749,800 -- ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 16 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Participant Directed ----------------------------------------------------- Mutual Funds ---------------------------------------------------- Fidelity U.S. Bond Index Nations Portfolio Equity Index Nations Balanced Fund Fund Fund -------------- -------------- ----------------- Investment Income: Dividends $355,657 Interest $275,781 Net appreciation (depreciation) in the fair value of investments 102,332 6,051,821 $1,054,236 ------------- --------------- ----------------- Contributions: Employee Contributions 385,593 2,719,859 761,444 Employer Contributions ------------- --------------- ----------------- Total contributions 385,593 2,719,859 761,444 ------------- --------------- ----------------- Total additions (deductions) 763,706 9,127,337 1,815,680 ------------- --------------- ----------------- Benefit payments (704,399) (3,566,308) (458,035) Interfund transfers (4,946,522) (27,537,472) (7,132,423) Other, net ------------- --------------- ----------------- Total(deductions) additions (5,650,921) (31,103,780) (7,590,458) ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 (4,887,215) (21,976,443) (5,774,778) Assets available for benefits, beginning of year 4,887,215 21,976,443 5,774,778 ------------- --------------- ----------------- Assets available for benefits, end of year -- -- -- ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 17 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Participant Directed ----------------------------------------------------- Mutual Funds ---------------------------------------------------- Davis PIMCO New York Total Return Merrill Lynch Venture Fund Capital Fund Fund -------------- -------------- ----------------- Investment Income: Dividends $245,714 $415,306 $9 Interest Net appreciation (depreciation) in the fair value of investments (102,341) (193,655) 15,504 ------------- --------------- ----------------- Contributions: Employee Contributions 105,367 205,992 4,599 Employer Contributions ------------- --------------- ----------------- Total contributions 105,367 205,992 4,599 ------------- --------------- ----------------- Total additions (deductions) 248,740 427,643 20,112 ------------- --------------- ----------------- Benefit payments (2,866) (265) Interfund transfers 6,023,947 10,217,833 1,020,652 Other, net (1,825) (1,668) 2,562 ------------- --------------- ----------------- Total(deductions) additions 6,019,256 10,215,900 1,023,214 ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 6,267,996 10,643,543 1,043,326 Assets available for benefits, beginning of year ------------- --------------- ----------------- Assets available for benefits, end of year $6,267,996 $10,643,543 $1,043,326 ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 18 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Participant Directed ----------------------------------------------------- Mutual Funds ---------------------------------------------------- Alliance Premier Franklin Growth Merrill Lynch Small Cap Fund Growth Fund Growth Fund -------------- -------------- ----------------- Investment Income: Dividends $8 $9 $12 Interest Net appreciation (depreciation) in the fair value of investments 22,307 19,422 38,225 ------------- --------------- ----------------- Contributions: Employee Contributions 2,708 4,561 4,459 Employer Contributions ------------- --------------- ----------------- Total contributions 2,708 4,561 4,459 ------------- --------------- ----------------- Total additions (deductions) 25,023 23,992 42,696 ------------- --------------- ----------------- Benefit payments (40) (2,886) Interfund transfers 807,345 1,153,217 1,214,332 Other, net 254 5,858 56 ------------- --------------- ----------------- Total(deductions) additions 807,599 1,159,035 1,211,502 ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 832,622 1,183,027 1,254,198 Assets available for benefits, beginning of year ------------- --------------- ----------------- Assets available for benefits, end of year $832,622 $1,183,027 $1,254,198 ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 19 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Non-Participant Participant Directed Directed -------------------------------- ------------------- Mutual Loan Common Funds Fund Stock -------------- --------------- ----------------- Albemarle Ivy Corporation International Common Fund Stock -------------- -------------- ----------------- Investment Income: Dividends $2,714 $393,652 Interest Net appreciation (depreciation) in the fair value of investments 35 9,936,322 ------------- --------------- ----------------- Contributions: Employee Contributions 1,277 Employer 4,898,217 Contributions ------------- --------------- ----------------- Total contributions 1,277 4,898,217 ------------- --------------- ----------------- Total additions (deductions) 4,026 15,228,191 ------------- --------------- ----------------- Benefit payments (1,168,049) Interfund transfers 312,212 680,128 (24,432,467) Other, net (32) (22,525) ------------- --------------- ----------------- Total(deductions) additions 312,180 680,128 (25,623,041) ------------- --------------- ----------------- Net increase (decrease) for the year ended December 31, 1997 316,206 680,128 (10,394,850) Assets available for benefits, beginning of year 51,235,900 ------------- --------------- ----------------- Assets available for benefits, end of year $316,206 $680,128 $40,841,050 ------------- --------------- ----------------- ------------- --------------- ----------------- The accompanying notes are an integral part of the financial statements. 20 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the Year Ended December 31, 1997 Total ----------------- Investment Income: Dividends $3,661,623 Interest 1,786,720 Net appreciation (depreciation) in the fair value of investments 33,847,737 ----------------- Contributions: Employee Contributions 9,830,053 Employer 4,898,217 Contributions ----------------- Total contributions 14,728,270 ----------------- Total additions (deductions) 54,024,350 ----------------- Benefit payments (17,039,140) Interfund transfers --- Other, net (52,620) ----------------- Total(deductions) additions (17,091,760) ----------------- Net increase (decrease) for the year ended December 31, 1997 36,932,590 Assets available for benefits, beginning of year 190,592,600 ----------------- Assets available for benefits, end of year $227,525,190 ----------------- ----------------- The accompanying notes are an integral part of the financial statements.
21 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies: General: The accompanying financial statements of the Savings Plan For The Employees Of Albemarle Corporation (the "Plan") have been prepared in conformity with generally accepted accounting principles. On March 1, 1996, Albemarle completed the sale of its alpha olefins, poly alpha olefins and synthetic alcohols businesses to Amoco Chemical Company ("Amoco") for approximately $500 million. In connection with the sale, certain Albemarle employees were offered employment by Amoco. The service of employees who transferred to Amoco was recognized for purposes of determining the employees' service for participation, vesting and percentage of matching under Amoco's defined contribution plan. Albemarle retained all liability and obligation for payment of the transferred employees' vested account balance under the Plan and agreed to 100% vest such employees in their account balances. On April 1, 1996, Albemarle Corporation ("Albemarle" or the "Company") purchased 9,484,465 shares of its common stock from existing shareholders at a price of $23.00 per share plus expenses, through a tender offer. Participants in the Plan holding Albemarle stock were allowed to participate in the tender offer. In connection with this transaction, 98,486 shares of participant directed Albemarle common stock were redeemed for total proceeds of $2,265,178. Proceeds received for the shares sold were transferred to the Nations Prime Fund and allocated to the appropriate participants' accounts. On July 31, 1995, Albemarle sold the assets and transferred the technology for its electronic materials business to MEMC Pasadena, Inc. ("MEMC") for approximately $59 million. Effective May 1, 1997, Albemarle and MEMC revised the operating agreements signed originally on July 31, 1995. Any employee whose employment with Albemarle was terminated as a result of the sale and who was employed by MEMC immediately following termination, is considered fully vested in their account balances. Accounting Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan to make significant estimates and assumptions that affect the reported amounts of net assets as the date of the financial statements and the reported amounts of changes in net assets available for plan benefits during the reporting periods. Actual results could differ from those estimates. 22 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies, continued: Risks and Uncertainties: The Plan provides for various mutual fund investment options in stocks, bonds and fixed income securities. Investments are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statements of net assets available for plan benefits and the statements of changes in net assets available for plan benefits. Securities Valuation: Investments are stated at values determined as follows: Money market - cost which is equivalent to market Common stocks - last published sale price on the New York Stock Exchange Mutual funds and Equity Index Trust - quoted market value Retirement Preservation Trust - Investments in Guaranteed Insurance Contracts (GIC's) and Bank Investment Contracts (BIC's) with benefit responsive features are carried at cost plus accrued interest (contract value). Synthetic investment contracts are stated at the contract book value which approximates amortized cost. Money market instruments and US Government agency obligations are valued at amortized cost. Loans to participants - balances due which approximate fair value 23 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies, continued: Securities Transactions and Related Investment Income: Securities transactions are accounted for on a trade-date basis and dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. The Plan presents in the statements of changes in assets available for benefits the "net appreciation (depreciation) in the fair value of investments" which consists of realized gains or losses and changes in the unrealized appreciation (depreciation) on those investments. Investment income is allocated to participant accounts in proportion to the participant's account balance. 2. Description of Plan: The Plan is a defined contribution plan. It is subject to the provisions of the Employee Retirement Income Security Act of 1974. Information regarding Plan benefits, priority of distributions upon termination of the Plan, and vesting is provided in the Plan agreement which is available at the main office of the Plan administrator at 451 Florida Street, Baton Rouge, Louisiana 70801. 3. Investment Funds: Effective November 1, 1997, Merrill Lynch Trust Company of America was appointed trustee and Merrill Lynch, Price, Fenner & Smith, Inc. was appointed investment manager and record keeper of the Plan (collectively "Merrill Lynch"). Prior to November 1, 1997, NationsBank of Georgia, N.A. ("NationsBank") was the investment manager, record keeper and trustee of the Plan. At the time of the transition, all of the money invested in the active funds offered by NationsBank were transferred to the new investment funds offered by Merrill Lynch. The Plan consists of ten active funds and two inactive funds. The active funds are as follows: Albemarle Corporation Common Stock Fund, invested in common stock of Albemarle. Merrill Lynch Retirement Preservation Trust, a collective trust maintained by Merrill Lynch Trust Company of America and invested primarily in a broadly diversified portfolio of GIC's and BIC's, synthetic GIC's and separate accounts in obligations of U.S. government and U.S. government agency securities, and in high-quality money market securities. 24 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 3. Investment Funds, continued: PIMCO Total Return Fund, invested in shares of a registered investment company that invests in a diversified portfolio of fixed income securities of varying maturities, including some high-yield and foreign fixed income securities. Merrill Lynch Capital Fund invested in shares of a registered investment company that invests in domestic and/or foreign equity, debt, and convertible securities. Merrill Lynch Equity Index Trust, a collective trust maintained by Merrill Lynch Trust Company of America indexed to the S&P 500 Index and invested in a portfolio of equity securities designed to substantially match the S&P 500 index. Davis New York Venture Fund, invested in shares of a registered investment company that invests primarily in common stocks or convertible securities of companies with a market capitalization of at least $250 million. Cash or fixed-income securities may also be included in the portfolio. Alliance Premier Growth Fund, invested in shares of a registered investment company that invests primarily in equity securities of a limited number of carefully selected, large capitalization companies Merrill Lynch Growth Fund, invested in shares of a registered investment company that invests in equity securities considered undervalued compared to market averages or the Company's historic values. Franklin Small Cap Growth Fund, invested in shares of a registered investment company that invests primarily in equity securities of companies which have market capitalizations of less than $1 billion at the time of investment. Ivy International Fund, invested in shares of a registered investment company that invests primarily in equity securities traded in European, Pacific Basin and Latin American markets. Inactive funds are the Tredegar Industries, Inc. Common Stock Fund, which invested in common stock of Tredegar Industries, Inc. and Ethyl Corporation Common Stock Fund, which invested in common stock of Ethyl Corporation. Prior to the transition, the Plan consisted of five active funds and two inactive funds. The inactive funds were the same and one of the active funds was also the Albemarle Corporation Common Stock Fund. The remaining active funds were as follows: Nations Prime Fund, invested in a diversified portfolio of high quality money market instruments including bank certificates of deposit, bankers' acceptances and commercial paper; 25 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 3. Investment Funds, continued: Fidelity U.S. Bond Index Portfolio Fund, indexed to the Lehman Brothers Aggregate Bond Index and invests in obligations of the U.S. Treasury and U.S. government agencies, U.S. investment-grade corporate debt, mortgage-backed obligations and U.S. dollar-denominated obligations of foreign governments; Nations Equity Index Fund, indexed to the S&P 500 Index and invests in a diversified portfolio of equity securities; and Nations Balanced Fund, with investments allocated between the Fidelity U.S. Bond Index Portfolio Fund, the Nations Equity Index Fund and the Nations Prime Fund. Members currently in the Plan may select a program for investment in any of the ten active funds, or in any combination thereof. Contributions made by Albemarle are invested in the non-participant directed Albemarle Corporation Common Stock Fund, which contains both participant and non-participant directed balances. Cash on hand, although maintained in a central account, has been allocated to each of the respective funds in the accompanying statements of assets available for benefits with fund information. Members may not contribute to the two inactive funds nor transfer funds from other options into those funds. Transfers may be made between active funds and out of the inactive funds. In addition, participants have a one time election to transfer the Company's contributions from the Albemarle Corporation Common Stock fund to other active funds during the course of their employment. Any shares tendered in connection with Albemarle's offer to purchase shares of its common stock dated April 1, 1996, are not considered as the use of the one time election. At December 31, 1997 and 1996, there were 2,330 and 2,364 employees participating in the Plan, respectively. As of December 31, 1997 and 1996, approximately 2,262 and 2,480 employees were eligible to participate in the Plan, respectively. Participation in each fund was as follows: 26 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 3. Investment Funds, continued:
Number of Participants* December 31, --------------------------- 1997 1996 ------------- ------------ Albemarle Common Stock Fund 2,330 2,364 Ethyl Corporation Common Stock Fund 1,865 1,889 Tredegar Industries, Inc. Common Stock Fund 888 940 Merrill Lynch Retirement Preservation Trust Fund 1,900 --- PIMCO Total Return Fund 483 --- Merrill Lynch Capital Fund 615 --- Merrill Lynch Equity Index Trust 1,369 --- Davis New York Venture Fund 70 --- Alliance Premier Growth Fund 47 --- Merrill Lynch Growth Fund 71 --- Franklin Small Cap Growth Fund 76 --- Ivy International Fund 34 --- Nations Prime Fund --- 1,620 Fidelity U.S. Bond Index Portfolio Fund --- 447 Nations Equity Index Fund --- 1,164 Nations Balanced Fund --- 520 * Includes former employees.
27 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 4. Contributions: Participants in the Plan make pre-tax and/or after-tax contributions as defined in the plan document limited to a percentage of their base salaries. Albemarle makes a matching contribution to the Plan equal to a percentage of each member's contribution. These percentages vary for different groups of participating employees. Participant contributions are 100% vested at all times. 5. Distributions: Benefits are recorded when paid. Employees become fully vested in their matching contribution and discretionary accounts (as defined) after completing five years of service. Employees are considered partially vested if they have completed from three to five years of service. Employees may decide whether benefits will be received directly in the form of a lump sum or rolled over to an individual IRA account or to another qualified plan. 6. Participant Loans Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the Loan fund. Loan terms range from 1-5 years or up to 25 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate of Prime plus one percent on the last day of the quarter. The interest rate for the year ended December 31, 1997 was 9 1/2%. Principal and interest is paid ratably through payroll deductions. 7. Federal Income Taxes: The Internal Revenue Service advised the Plan administrator on July 10, 1995, that the Plan constitutes a qualified trust under Section 401 of the Internal Revenue Code (the "Code") and is therefore exempt from federal income taxes. The Plan has been amended since July 10, 1995, and was restated effective November 1, 1997. Currently the U.S. Treasury Department has not reviewed these new amendments. However, the plan administrator and the Plan's legal counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Until such time as participants withdraw all or part of their accumulated account balance, their invested funds are not subject to federal income taxes for contributions made on their behalf by Albemarle or for investment income received on such investments. 28 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 8. Stock Prices: Closing stock prices per share at December 31, 1997 and 1996 were as follows:
1997 1996 Albemarle Corporation common stock $23.875 $18.125 Ethyl Corporation common stock 7.687 9.500 Tredegar Industries, Inc. common stock 65.875 40.125
9. Units and Unit Values: The number of units at December 31 was as follows:
1997 1996 Merrill Lynch Retirement Preservation Trust 1 37,708,235 --- PIMCO Total Return Fund 1 588,636 --- Merrill Lynch Capital Fund, Inc. 1 308,419 --- Merrill Lynch Equity Index Trust 1 577,435 --- Davis New York Venture Fund, Inc. 1 41,024 --- Alliance Premier Growth Fund 1 39,419 --- Merrill Lynch Growth Fund 1 31,452 --- Franklin Small Cap Growth Fund 1 54,342 --- Ivy International Fund 1 8,102 --- Nations Prime Fund 2 --- 44,540,812 Fidelity U.S. Bond Index Portfolio Fund 2 --- 458,334 Nations Equity Index Fund 2 --- 1,397,235 Nations Balanced Fund 2 --- 401,428
29 9. Units and Unit Values, continued: The trustee calculates unit values on a daily basis. Unit values at December 31 were as follows:
1997 1996 Merrill Lynch Retirement Preservation Trust 1 $1.00 --- PIMCO Total Return Fund 1 10.60 --- Merrill Lynch Capital Fund, Inc. 1 34.51 --- Merrill Lynch Equity Index Trust 1 65.38 --- Davis New York Venture Fund, Inc. 1 22.33 --- Alliance Premier Growth Fund 1 20.73 --- Merrill Lynch Growth Fund 1 28.65 --- Franklin Small Cap Growth Fund 1 22.93 --- Ivy International Fund 1 39.03 --- Nations Prime Fund 2 --- $1.00 Fidelity U.S. Bond Index Portfolio Fund 2 --- 10.56 Nations Equity Index Fund 2 --- 15.56 Nations Balanced Fund 2 --- 14.25 1 No units held at December 31, 1996. 2 No units held at December 31, 1997.
10. Administration Expenses: Expenses for administering the Plan are borne entirely by Albemarle and no charge is made to the Plan with respect thereto. 30 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION NOTES TO THE FINANCIAL STATEMENTS 11. Forfeitures: Employees who leave Albemarle before becoming fully vested in Albemarle contributions forfeit the value of their nonvested account. Forfeitures during a Plan year serve to reduce required Company contributions and are reflected in the statements of changes in assets available for benefits with fund information in the year in which the forfeitures are applied to Albemarle's contribution. For the year ended December 31, 1997, $17,945 of forfeitures became available and will be used as a reduction of required Company contributions for the 1998 Plan year. For the year ended December 31, 1996, $42,995 of forfeitures became available and were used as a reduction of required Company contributions for the 1997 Plan year. 12. Plan Termination: Although Albemarle has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974. In the event of Plan termination, participants will become 100% vested in their account balances and the assets of the Plan shall be allocated to participants in proportion to their account balances as of the effective date of termination. 31 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997
(a)(b)(c) (d) (e) Description Cost of Each Current Item Value* - ------------------------------- -------------- --------------- ** Merrill Lynch Retirement Preservation Trust (37,708,235 units) $37,708,235 $37,708,235 PIMCO Total Return Fund (588,636 units) 6,344,260 6,239,540 ** Merrill Lynch Capital Fund, Inc. (308,419 units) 10,828,717 10,643,543 ** Merrill Lynch Equity Index Trust (577,435 units) 36,444,235 37,749,800 Davis New York Venture Fund, Inc. (41,024 units) 900,552 916,056 Alliance Premier Growth Fund (39,419 units) 794,843 817,150 ** Merrill Lynch Growth Fund (31,452 units) 881,787 901,104 Franklin Small Cap Growth Fund (54,342 units) 1,207,779 1,246,066 Ivy International Fund (8,102 units) 316,096 316,206 ** Albemarle Corporation common stock, $.01 par value (4,062,302 shares) 55,986,394 96,987,468 Ethyl Corporation common stock, $1.00 par value (2,471,910 shares) 18,701,465 19,001,575 Tredegar Industries, Inc. common stock, no par value (209,581 shares) 719,260 13,806,159 Loan fund --- 680,128 -------------- --------------- Total plan investments $170,833,623 $227,013,030 -------------- --------------- -------------- --------------- *See Note 1 of Notes to Financial Statements **Denotes a party in interest to the Plan
32 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS for the year ended December 31, 1997
a. Identity of b. Description of asset c. Purchase Number party involved (include interest rate Price of transactions and maturity in case of a loan) - ------------------------------------------------------------------------ PURCHASES: *Albemarle Corporation Common Stock $11,967,438 222 *Merrill Lynch ML Capital Fund 11,074,078 28 NationsBank Equity Index Fund 16,112,813 194 *Merrill Lynch Equity Index Trust 39,150,583 33 NationsBank Prime Fund 10,449,655 124 *Merrill Lynch Preservation Trust Fund 39,791,831 50 TRANSFERS: *Albemarle Corporation Common Stock 55,166,139 1 Ethyl Corporation Common Stock 18,880,499 1 SALES: NationsBank Balanced Fund --- 95 *Albemarle Corporation Common Stock --- 244 NationsBank Equity Index Fund --- 139 NationsBank Prime Fund --- 196 (1) Ordinary brokerage charges on purchases or sales transactions are included in purchase price or shown as a reduction of sale price. *Denotes a party-in-interest to the Plan. 33 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS for the year ended December 31, 1997 a. Identity of b. Description of asset d. Selling e. Lease party involved (include interest rate Price Rental and maturity in case of a loan) - ------------------------------------------------------------------------ PURCHASES: *Albemarle Corporation Common Stock --- --- *Merrill Lynch ML Capital Fund --- --- NationsBank Equity Index Fund --- --- *Merrill Lynch Equity Index Trust --- --- NationsBank Prime Fund --- --- *Merrill Lynch Preservation Trust Fund --- --- TRANSFERS: *Albemarle Corporation Common Stock --- --- Ethyl Corporation Common Stock --- --- SALES: NationsBank Balanced Fund $10,334,885 --- *Albemarle Corporation Common Stock 14,171,000 --- NationsBank Equity Index Fund 43,816,834 --- NationsBank Prime Fund 54,990,468 --- (1) Ordinary brokerage charges on purchases or sales transactions are included in purchase price or shown as a reduction of sale price. *Denotes a party-in-interest to the Plan. 34 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS for the year ended December 31, 1997 a. Identity of b. Description of asset f. Expense g. Cost party involved (include interest rate incurred of asset and maturity in case with of a loan) transaction(1) - ------------------------------------------------------------------------ PURCHASES: *Albemarle Corporation Common Stock --- $11,967,438 *Merrill Lynch ML Capital Fund --- 11,074,078 NationsBank Equity Index Fund --- 16,112,813 *Merrill Lynch Equity Index Trust --- 39,150,583 NationsBank Prime Fund --- 10,449,655 *Merrill Lynch Preservation Trust Fund --- 39,791,831 TRANSFERS: *Albemarle Corporation Common Stock --- 55,166,139 Ethyl Corporation Common Stock --- 18,880,499 SALES: NationsBank Balanced Fund --- 8,381,708 *Albemarle Corporation Common Stock --- 10,103,989 NationsBank Equity Index Fund --- 33,878,117 NationsBank Prime Fund --- 54,990,468 (1) Ordinary brokerage charges on purchases or sales transactions are included in purchase price or shown as a reduction of sale price. *Denotes a party-in-interest to the Plan. 35 SAVINGS PLAN FOR THE EMPLOYEES OF ALBEMARLE CORPORATION ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS for the year ended December 31, 1997 a. Identity of b. Description of asset h. Current i. Net party involved (include interest rate value of asset gain and maturity in case on transaction of a loan) date - ------------------------------------------------------------------------ PURCHASES: *Albemarle Corporation Common Stock $11,967,438 --- *Merrill Lynch ML Capital Fund 11,074,078 --- NationsBank Equity Index Fund 16,112,813 --- *Merrill Lynch Equity Index Trust 39,150,583 --- NationsBank Prime Fund 10,449,655 --- *Merrill Lynch Preservation Trust Fund 39,791,831 --- TRANSFERS: *Albemarle Corporation Common Stock 55,166,139 --- Ethyl Corporation Common Stock 18,880,499 --- SALES: NationsBank Balanced Fund 10,334,885 $1,953,177 *Albemarle Corporation Common Stock 14,171,000 4,067,011 NationsBank Equity Index Fund 43,816,834 9,938,717 NationsBank Prime Fund 54,990,468 --- (1) Ordinary brokerage charges on purchases or sales transactions are included in purchase price or shown as a reduction of sale price. *Denotes a party-in-interest to the Plan.
36 Consent of Independent Accountants We consent to the incorporation by reference in the registration statement of Albemarle Corporation on Form S-8 (File No. 33-75622) of our report dated June 22, 1998, on our audits of the financial statements of the Savings Plan for the Employees of Albemarle Corporation as of December 31, 1997 and 1996, and for the year ended December 31, 1997, and the supporting schedules as of December 31, 1997, which report is included in this Annual Report on Form 11-K. Richmond, Virginia June 29, 1998