The U.S. Environmental Protection Agency, in collaboration with the American Chemical Society, presented Albemarle Corporation (NYSE:ALB) and its technology partner, Chicago Bridge & Iron Company N.V. (NYSE:CBI) , with the 2016 Presidential Green Chemistry Challenge Award on Jun 13, 2016.
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The Charlotte, NC-based premier specialty chemical maker received this award for the development of the AlkyClean process technology in collaboration with CB&I and Nestle Oil. The technology will be exclusively used with Albemarle's zeolite-based AlkyStar catalyst. The company has leveraged several years of technological expertise to innovate a commercially practical option for producing good quality and safe alkylate without using liquid acid catalysts. The world’s primary solid acid catalyst alkylation unit, using the catalyst, successfully began in Shandong, China, in Aug 2015.
The award is given to companies in recognition of their research, development and integration of principles of green chemistry in chemical designing, manufacturing and usage. Albemarle’s AlkyStar catalyst produces an environmentally clean fuels blending component in the alkylate manufacturing process with the aid of CB&I’s novel reactor scheme. The technology aids the reduction of waste streams such as spent acids and acid-soluble oils in addition to being safer than liquid acids. The AlkyClean technology has the potential to change the face of refining for Albemarle’s customers.
Other recipients of the award this year are Dow AgroSciences LLC, a fully-owned subsidiary of the Dow Chemical (NYSE:DOW) , along with Newlight Technologies and Verdezyne.
Shares of Albemarle rose around 0.4% in the trading session on Tuesday, closing the day at $78.40.
Albemarle reported adjusted earnings of $1.12 per share in first-quarter 2016, 40% higher than the year-ago quarter figure. However, sales of $865.4 million for the quarter were 2.1% lower year over year due to divestures and currency headwinds. Both figures beat the Zacks Consensus Estimate by a wide margin. The company expects full-year 2016 sales in the range of $3.3−$3.8 billion and adjusted earnings in the band of $3.90−$4.25 per share.
Albemarle currently sports a Zacks Rank #1 (Strong Buy).
Another favorably ranked company in the chemical space is Axiall Corporation (NYSE:AXLL) , holding the same Zacks Rank as Albemarle.
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CHICAGO BRIDGE (CBI): Free Stock Analysis Report
DOW CHEMICAL (DOW): Free Stock Analysis Report
ALBEMARLE CORP (ALB): Free Stock Analysis Report
AXIALL CORP (AXLL): Free Stock Analysis Report
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