Albemarle Announces Job Cuts And Reduction In 2024 Capital Expenditures

(RTTNews) - Albemarle Corp. (ALB) said that it is pursuing actions to optimize its cost structure, reducing costs by about $95 million annually. These efforts primarily focus on reducing sales, general, and administrative expenses, which include a reduction in headcount and lower spending on contracted services.

Albemarle expects to realize more than $50 million of the cost savings in 2024 and to pursue additional cash management actions primarily related to working capital.

Albemarle expects its 2024 capital expenditures to be in the range of $1.6 billion to $1.8?billion, down from approximately $2.1 billion in 2023.

Albemarle noted that it will record a charge in the first quarter of 2024, primarily associated with severance and related benefit costs, exit and disposal activities, and asset write-downs.