BATON ROUGE, La., Oct. 8, 2013 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) announced today that it has expanded its presence in the electronic materials market with the acquisition of Cambridge Chemical Company, Ltd. Based in Cambridge, UK, Cambridge Chemical is a key technology player in the production of high purity metal organic chemicals used in the laser market. Albemarle plans to continue producing these specialty products at Cambridge Chemical's existing facilities in the UK.
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Cambridge Chemical's technology and products will further strengthen Albemarle's offerings in the electronic materials market, including the light emitting diodes (LED), semiconductor, organic light emitting diodes (OLEDs) and now laser segments. Albemarle will also benefit from a number of R&D and distribution synergies resulting from the acquisition.
"By adding Cambridge Chemical's DEOX™ technology to our existing PureGrowth™ portfolio, Albemarle will now provide an even broader array of solutions to customers in the fast growing electronics market," commented Jenny S. Hebert, global business manager for Albemarle's Electronic Materials business. "The expanded portfolio not only strengthens our current offerings, it also allows us to expand into the laser segment. The combined synergies will allow Albemarle to provide best-in-class products and services, which is key to our global success in the industry."
"Our Electronic Materials business is a critical growth platform for us, built upon our extensive expertise in organometallic chemistry, our effectiveness in backward integration of key raw materials and our reputation for quality," said Raphael Crawford, global vice president for Albemarle's Performance Catalyst and Specialty Chemicals division. "The acquisition of Cambridge Chemical adds unique technological capabilities, distribution channels, and expertise to our list of existing assets, allowing us to bring even greater value to our customers."
The acquisition of Cambridge Chemical was completed on October 1, 2013. Terms of the agreement were not disclosed.
Albemarle launched its Electronic Materials business unit in January 2012. Since then, Albemarle has successfully launched four products within its PureGrowth™ portfolio, which are used in metal organic chemical vapor deposition (MOCVD), a process used to manufacture components for LED bulbs and compound semiconductors.
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer, and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services. The Company is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry. Corporate Responsibility Magazine selected Albemarle to its prestigious "100 Best Corporate Citizens" list for 2010, 2011 and 2013. Albemarle employs approximately 4,200 people and serves customers in approximately 100 countries. Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings, and other information regarding the Company, its businesses and the markets we serve.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
SOURCE Albemarle Corporation
Media, Ashley Mendoza, (225) 388-7137, Ashley.Mendoza@albemarle.com, or Investor Relations, Lorin Crenshaw, (225) 388-7322, Lorin.Crenshaw@albemarle.com