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Albemarle Targets Cost Savings

2:28 AM MST | December 23, 2008 | Vincent Valk

Albemarle said Friday that it intends to cut annualized costs by about $40 million next year in response to the difficult economic environment. "Given the challenges of the global economic environment that has worsened in recent months, we are taking a number of proactive measures to position the company to better manage the market volatility we are seeing as well as position ourselves to be opportunistic," says Mark Rohr, chairman and CEO. The company expects demand reductions to have a major impact on its polymer additives business, and says other...

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