Albemarle Corporation (NYSE:ALB) declared that it will discontinue the production of its hexabromocyclododecane (HBCD)-based flame retardants in order to focus on the GreenCrest polymeric fire safety solutions, which offers a sustainable alternative to HBCD.
GreenCrest is commercially available in both powder and compacted grades for use in expanded (EPS) and extruded (XPS) polystyrene foam applications. It is based on a technology licensed from Dow Global Technologies LLC, a unit of Dow Chemical (NYSE:DOW) .
Albemarle is capitalizing on its compaction technology and technical service capabilities to transition customers to GreenCrest.
Albemarle’s shares closed roughly 0.8% higher at $67.10 on May 5.
Louisiana-based Albemarle is a premier specialty chemicals company with leading positions in lucrative end-markets globally. The company is presently focused on selling its non-core businesses and assets to boost growth opportunities and concentrate on its key businesses.
In Feb 2016, the company wrapped up the sale of its Mineral Flame Retardants and Specialty Chemicals businesses to Huber Engineered Materials – a division of leading global manufacturer of flame retardant additives, J.M. Huber Corporation.
Also, in Jan 2016, it completed the divestiture of the Tribotecc metal sulfides business to Treibacher Industrie AG, a leading player in the chemistry and metallurgy sectors. The divestment advanced Albemarle’s strategic plan of focusing on its core bromine, lithium, catalysts and surface treatment businesses.
Albemarle currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the chemical space include Akzo Nobel N.V. (OTC:AKZOY) and BASF SE (OTC:BASFY) , both sporting a Zacks Rank #1 (Strong Buy).
DOW CHEMICAL (DOW): Free Stock Analysis Report
BASF SE (BASFY): Free Stock Analysis Report
ALBEMARLE CORP (ALB): Free Stock Analysis Report
AKZO NOBEL NV (AKZOY): Free Stock Analysis Report
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