Albemarle Announces Asset and Cost Actions to Enhance Competitiveness and Proactively

Global Essential Elements Leader Takes Actions to Optimize Performance

Charlotte, North Carolina – June 28, 2023

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced a series of asset and cost actions to enhance its competitiveness and proactively respond to current market conditions.

The actions are expected to result in annualized cost savings of approximately $100 million, primarily through workforce reductions, operational improvements and supply chain optimization. Albemarle expects to record a one-time charge of approximately $50 million in the second quarter of 2023 related to these actions.

"These actions are an important step in our ongoing efforts to optimize our performance and ensure Albemarle remains a competitive leader in our core businesses," said Kent Masters, Albemarle's President and Chief Executive Officer. "We continue to focus on delivering innovative solutions to our customers while improving our efficiency and cost structure."

The asset and cost actions announced today are part of Albemarle's broader strategic plan to drive growth and create long-term value for shareholders. The company remains committed to investing in its core businesses and developing new products and technologies that meet the evolving needs of its customers.