CHARLOTTE, US: Albemarle Corporation has successfully completed the acquisition of the Jiangxi Jiangli New Materials Science and Technology Co Ltd (Jiangli New Materials) lithium business for a purchase price of approximately $145 million.
The transaction includes manufacturing assets and supporting business functions located in both Jiangxi and Sichuan, China focused on the production of battery-grade lithium hydroxide and lithium carbonate.
Together, the Jiangli New Material assets have a total lithium salts capacity of 15,000 MT/year. Albemarle has already completed engineering and is in the construction phase of an expansion project at Jiangxi to create an additional 20,000 to 25,000 MT/year of lithium hydroxide capacity. This expansion, which is expected to begin production in 2018, will be used to satisfy long-term customer supply agreements.
"The facilities in both Jiangxi and Sichuan are strategically located in high growth regions and will enable us to enhance customer service and deliver exceptional product diversity across end markets, geographies and technologies, particularly in Asia Pacific," said David Klanecky, vice president of Albemarle's lithium division.
© Worldofchemicals News
Read More: Albemarle completes acquisition of Jiangli New Materials’ lithium biz
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