Benzinga | Oct 29, 2021 08:06AM EDT

Albemarle Issues Response To Recent Arbitration Decision On Dispute Between Huntsman, Rockwood

Albemarle Corporation (NYSE:ALB) today issued a response to a recent arbitration decision on a dispute between Huntsman Corporation and Rockwood Holdings, Inc. related to Huntsman's acquisition of Rockwood's Pigments & Additives business.



The Huntsman-Rockwood dispute stems from a transaction between Huntsman Corporation and Rockwood Holdings, Inc. which was signed in 2013 and closed in 2014 before Albemarle owned Rockwood Holdings, Inc. This is a legacy dispute that Albemarle inherited when it purchased Rockwood Holdings, Inc. in 2015, acquiring the Rockwood lithium assets and other business lines unrelated to the Huntsman dispute. Albemarle never owned Rockwood's Pigments & Additives business.

Albemarle is shocked by the arbitration panel's decision. The company firmly believes the award is not supported by the evidence and is contrary to New York law. The company is currently assessing all its legal rights and options including seeking to have the award vacated.

Albemarle prides itself on always operating with full transparency and great integrity.