MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	ALBEMARLE CORPORATION
Registered Office :	451 Florida Street Baton Rouge, LA 70801
Country :	United States
Financials (as on) :	31.12.2011
Year of Incorporation :	1993
Legal Form :	Public Parent
Line of Business :	Manufacture of plastics in primary forms
No. of Employees :	4,000

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. In addition to dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.

Source : CIA

Top of Form

Company name and address Bottom of Form

Top of Form

Albemarle Corporation

451 Florida Street
Baton Rouge, LA 70801
United States
Map
Tel:	225-388-8011
Fax:	255-388-8924
Toll Free:	(800) 535-3030
www.albemarle.com

Employees:

4,000

Company Type:

Public Parent

Corporate Family:

32 Companies

Traded:

New York Stock Exchange:

ALB

Incorporation Date:

1993

Auditor:

PricewaterhouseCoopers LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	2,869.0 ^1
Net Income:	436.3
Total Assets:	3,203.8 ^2
Market Value:	5,503.8
	(21-Dec-2012)

Business Description

Albemarle Corporation (Albemarle) is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets. As of December 31, 2011, the Company and its joint ventures operated 50 facilities, encompassing production, research and development facilities, and administrative and sales offices in North and South America, Europe, the Middle East, Asia, Africa and Australia. It serves approximately 3,000 customers in over 100 countries. It operates in three segments: Polymer Solutions, Catalysts and Fine Chemistry. On May 11, 2011, the Company acquired Catilin Inc. For the nine months ended 30 September 2012, Albemarle Corporation revenues decreased 5% to $2.06B. Net income decreased 27% to $245.2M. Revenues reflect Polymer Solutions segment decrease of 13% to $692.1M, Catalysts segment decrease of 6% to $773.9M. Net income also reflects Polymer Solutions segment income decrease of 23% to $157.5M, Catalysts segment income decrease of 11% to $185.7M. Dividend per share increased from $0.50 to $0.60.

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1821 - Synthetic Resin and Synthetic Rubber Manufacturing
NACE 2002:	2416 - Manufacture of plastics in primary forms
NAICS 2002:	325211 - Plastics Material and Resin Manufacturing
UK SIC 2003:	2416 - Manufacture of plastics in primary forms
UK SIC 2007:	2016 - Manufacture of plastics in primary forms
US SIC 1987:	2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

Key Executives   (Emails Available)

Name	Title
Luther C. Kissam	Chief Executive Officer, Director
William B. Allen	Chief Accounting Officer, Vice President, Corporate Controller
Karen G. Narwold	Senior Vice President, General Counsel, Corporate Secretary
Scott Martin	Vice President, Fine Chemistry
Ronald C. Zumstein	Vice President - Manufacturing

Significant Developments

Topic	#*	Most Recent Headline	Date
Officer Changes	1	Albemarle Corporation Promotes John Steitz To President	27-Feb-2012
Dividends	4	Albemarle Corp Announces Quarterly Dividend	9-Oct-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.63	2.03
Quick Ratio (MRQ)	2.34	1.20
Debt to Equity (MRQ)	0.39	0.95
Sales 5 Year Growth	3.91	1.42
Net Profit Margin (TTM) %	11.80	4.60
Return on Assets (TTM) %	9.84	3.98
Return on Equity (TTM) %	20.30	12.15

Stock Snapshot

Traded: New York Stock Exchange: ALB

As of 21-Dec-2012

   Financials in: USD

Recent Price	61.66	EPS	4.77
52 Week High	68.51	Price/Sales	1.92
52 Week Low	50.06	Dividend Rate	0.80
Avg. Volume (mil)	0.80	Price/Earnings	13.62
Market Value (mil)	5,503.76	Price/Book	3.44
		Beta	1.63

	Price % Change	Rel S&P 500%
4 Week	7.16%	5.59%
13 Week	15.88%	18.31%
52 Week	21.47%	6.51%
Year to Date	19.70%	5.26%

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
451 Florida Street
Baton Rouge, LA, 70801
East Baton Rouge County
United States

Tel:	225-388-8011
Fax:	255-388-8924
Toll Free Tel:	(800) 535-3030

www.albemarle.com

Quote Symbol - Exchange
ALB - New York Stock Exchange
Sales USD(mil):	2,869.0
Assets USD(mil):	3,203.8
Employees:	4,000
Fiscal Year End:	31-Dec-2011

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:	1993
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Director:

Luther C. Kissam

Company Web Links

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Industry Codes

ANZSIC 2006 Codes:
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing
2411	-	Photographic, Optical and Ophthalmic Equipment Manufacturing
1832	-	Pesticide Manufacturing
1813	-	Basic Inorganic Chemical Manufacturing

NACE 2002 Codes:
2416	-	Manufacture of plastics in primary forms
2420	-	Manufacture of pesticides and other agro-chemical products
2442	-	Manufacture of pharmaceutical preparations
2413	-	Manufacture of other inorganic basic chemicals
3340	-	Manufacture of optical instruments and photographic equipment

NAICS 2002 Codes:
325211	-	Plastics Material and Resin Manufacturing
325412	-	Pharmaceutical Preparation Manufacturing
325320	-	Pesticide and Other Agricultural Chemical Manufacturing
325188	-	All Other Basic Inorganic Chemical Manufacturing
333315	-	Photographic and Photocopying Equipment Manufacturing

US SIC 1987:
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
2879	-	Pesticides and Agricultural Chemicals, Not Elsewhere Classified
3861	-	Photographic Equipment and Supplies
2819	-	Industrial Inorganic Chemicals, Not Elsewhere Classified
2834	-	Pharmaceutical Preparations

UK SIC 2003:
2416	-	Manufacture of plastics in primary forms
24421	-	Manufacture of medicaments
2413	-	Manufacture of other inorganic basic chemicals
33403	-	Manufacture of photographic and cinematographic equipment
2420	-	Manufacture of pesticides and other agro-chemical products

UK SIC 2007:
2016	-	Manufacture of plastics in primary forms
2013	-	Manufacture of other inorganic basic chemicals
2120	-	Manufacture of pharmaceutical preparations
2020	-	Manufacture of pesticides and other agrochemical products
26702	-	Manufacture of photographic and cinematographic equipment

Business Description

Albemarle Corporation (Albemarle), incorporated in 1993, is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets. As of December 31, 2011, the Company and its joint ventures operated 50 facilities, encompassing production, research and development facilities, and administrative and sales offices in North and South America, Europe, the Middle East, Asia, Africa and Australia. It serves approximately 3,000 customers in over 100 countries. It operates in three segments: Polymer Solutions, Catalysts and Fine Chemistry. On May 11, 2011, the Company acquired Catilin Inc.

Polymer Solutions

The Company’s Polymer Solutions segment consists of two product market categories: flame retardants and stabilizers and curatives. Its products include plastic enclosures for consumer electronics, printed circuit boards, wire and cable, electrical connectors, textiles, foam insulation, and foam seating in furniture and automobiles. Its brominated flame retardants include products such as Saytex; its mineral-based flame retardants include products, such as Martinal and Magnifin, and its phosphorus-based flame retardants include products, such as Antiblaze and Ncendx.

The Company produces plastic additives, as well as other additives, such as curatives, antioxidants and stabilizers. Its additives products include curatives for polyurethane, polyurea, and epoxy system polymerization. This business also produces antioxidants and stabilizers. Its Ethacure curatives are used in cast elastomers, coatings, reaction injection molding (RIM) and specialty adhesives, which are incorporated into products, such as wheels, tires and rollers. Its line of Ethanox antioxidants is used by manufacturers of polyolefins to maintain physical properties during the manufacturing process, including the color of the final product. These antioxidants are found in applications, such as slit film, wire and cable, food packaging and pipes.

The Company produces antioxidants used in fuels and lubricants. Its line of Ethanox fuel and lubricant antioxidants is used by refiners and fuel marketers to extend fuel storage life and protect fuel systems, and by oil marketers and lubricant manufacturers to extend the useful life of lubricating oils, fluids and greases used in engines and various types of machinery. Its polymer solutions segment offers more than 80 products to a range of end-markets. It sells its products to chemical manufacturers and processors, such as polymer resin suppliers, lubricant manufacturers, refiners and other specialty chemical companies.

The Company competes with Chemtura Corporation, Israel Chemicals Ltd, Jiangsu Yoke Technology Co., Ltd., Zhejiang Wansheng Chemical Co., Ltd., J.M. Huber Corporation, Kyowa Chemical Industry Co., Ltd., Nabaltec GmbH, BASF Corporation, Chemtura Corporation and Songwon Industrial Co., Ltd.,

Catalysts

The Company’s Catalysts segment includes its refinery catalysts and catalyst solutions businesses. Its main refinery catalysts product lines are hydroprocessing catalysts (HPC), and fluidized catalytic cracking (FCC), catalysts and additives. HPC catalysts are used to reduce the quantity of sulfur and other impurities in petroleum products, as well as to convert feedstock into lighter products. FCC catalysts assist in the cracking of petroleum streams into derivative, higher-value products, such as fuels and petrochemical feedstock. Its FCC additives are used to remove sulfur in gasoline and to reduce emissions of sulfur dioxide and nitrogen oxide in FCC units. It offers approximately 130 different HPC catalysts products and approximately 40 different FCC catalysts and additives products to its customers.

The Company has three business units in its performance catalyst solutions (PCS) division: polymer catalysts, chemical catalysts and electronic materials. It manufactures organometallic co-catalysts, as well as metallocene components and co-catalysts. It also offers finished Single-Site catalysts with or without its ActivCat technology and a range of Ziegler-Natta catalysts under the Advantage brand. Its co-catalysts and finished catalysts are used in its customers’ production of polyolefin polymers. Such polymers are commodity (Ziegler Natta polymerization technology) and specialty (Single Site polymerization technology) plastics serving a range of end markets, including packaging, non-packaging, films and injection molding. Some of its organometallic products are also used in the manufacture of alpha-olefins (hexene, octane and decene). In electronic materials, it manufacture and sells metal organic products into electronic applications, such as the production of light emitting diodes (LEDs) for displays and general lighting, as well as other products used in the production of solar cells. Its chemical catalysts include a range of catalysts used in the chemical industry.

The Company competes with Criterion Catalysts and Technologies, W.R. Grace & Co./Advanced Refining Technologies, Haldor Topsoe, W.R. Grace & Co., BASF Corporation, AkzoNobel and Chemtura Corporation.

Fine Chemistry

The Company’s Fine Chemistry segment consists of two categories: performance chemicals, and fine chemistry services and intermediates. Performance chemicals include products, such as elemental bromine, alkyl bromides, inorganic bromides, brominated powdered activated carbon and a range of bromine fine chemicals. Its products are used in chemical synthesis, oil and gas well drilling and completion fluids, mercury control, paper manufacturing, water purification, beef and poultry processing and other industrial applications. Other performance chemicals, which it produces include tertiary amines for surfactants, biocides, disinfectants and sanitizers; potassium-based products used in industrial applications; alkenyl succinic anhydride used in paper-sizing formulations, and aluminum oxides used in a range of refractory, ceramic and polishing applications. It sells these products to customers globally for use in personal care products, automotive insulation, foundry bricks and other industrial products.

The Company’s fine chemistry services business offers custom manufacturing, research and chemical scale-up services for companies. Its pharmaceutical bulk active is ibuprofen. Ibuprofen is used to provide pain relief and fever reduction. Bulk ibuprofen is formulated by pharmaceutical companies, which sells in both the prescription and over-the-counter markets. The Company also produces a range of intermediates used in the manufacture of a range of over-the-counter and prescription drugs.

The Company’s agrichemicals are sold to agrichemical manufacturers and distributors, which produce and distribute finished agricultural herbicides, insecticides, fungicides and soil fumigants. Its products include orthoalkylated anilines used in the acetanilide family of pre-emergent herbicides used with corn, soybeans and other crops and methyl bromide, which is used as a soil fumigant. It also manufactures and supplies a range of custom chemical intermediates for the agricultural industry.

The Company competes with Chemtura Corporation, Israel Chemicals, BASF Corporation, Lonza, Clariant Ltd. and Cilag AG

More Business Descriptions

Albemarle Corporation (Albemarle) is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets. As of December 31, 2011, the Company and its joint ventures operated 50 facilities, encompassing production, research and development facilities, and administrative and sales offices in North and South America, Europe, the Middle East, Asia, Africa and Australia. It serves approximately 3,000 customers in over 100 countries. It operates in three segments: Polymer Solutions, Catalysts and Fine Chemistry. On May 11, 2011, the Company acquired Catilin Inc. For the nine months ended 30 September 2012, Albemarle Corporation revenues decreased 5% to $2.06B. Net income decreased 27% to $245.2M. Revenues reflect Polymer Solutions segment decrease of 13% to $692.1M, Catalysts segment decrease of 6% to $773.9M. Net income also reflects Polymer Solutions segment income decrease of 23% to $157.5M, Catalysts segment income decrease of 11% to $185.7M. Dividend per share increased from $0.50 to $0.60.

Highly-Engineered Specialty Chemicals & Services Developer, Mfr & Marketer

Establishments primarily engaged in manufacturing miscellaneous chemical preparations, not elsewhere classified, such as fatty acids, essential oils, gelatin (except vegetable), sizes, bluing, laundry sours, writing and stamp pad ink, industrial compounds, such as boiler and heat insulating compounds, metal, oil, and water-treating compounds, waterproofing compounds, and chemical supplies for foundries.

Albemarle Corporation (Albemarle) offers a range of specialty and fine chemicals. The company along with its subsidiaries specializes in the production and sale of flame retardants, catalyst, stabilizers, polymers, resin and various other chemical products. Albemarle’s products are used extensively in consumer electronics, petroleum refining, utilities, packaging, construction, automotive, pharmaceuticals, crop protection, food-safety and custom chemistry services. The company operates through three business segments, namely, Polymer Solutions, Catalysts and Fine Chemicals. The company’s Polymer Solutions segment can be categorized as flame retardants, stabilizers and curatives. The flame retardants are manufactured to meet fire safety requirement. These products find applications in printed circuit boards, consumer electronics, wire and cable, foam insulation, electrical connectors, foam seating in furniture, and automobiles and textiles industries. The company’s brominated flame retardants include Saytex and Pyro-Chek; mineral-based flame retardants include Martinal and Magnifin; and phosphorus based flame retardants include Antiblaze and Ncendx. The stabilizers and curatives manufactured by the company include antioxidants, curatives and stabilizers. The Ethacure curatives manufactured by the company find applications in cast elastomers, coatings, reaction injection molding (RIM) and specialty adhesives. The antioxidants produced by the company are used in fuels and lubricants. The Polymer Additives segment of the company accounted for 38.2% of the total revenue during the fiscal year ended 2010. The Catalyst segment of Albemarle includes refinery catalysts and polyolefin catalysts. The product line of refinery catalysts comprises hydroprocessing catalysts (HPC) and fluidized catalytic cracking (FCC), catalysts and additives. The polyolefin catalysts manufactured by the company are aluminum- and magnesium-alkyls, metallocene/single-site catalysts. The segment offers its products to various multinational companies such as ExxonMobil Corporation, Royal Dutch Shell plc and Chevron Corporation. The Catalyst segment of the company accounted for 37.7 % of the total revenue during the fiscal year ended 2010. The company’s Fine Chemical segment can be categorized into performance chemicals and fine chemistry services and intermediates. The company’s performance chemicals product line includes alkyl bromides, elemental bromine, tertiary amines, potassium and chlorine-based products, inorganic bromides and a number of bromine fine chemicals. These products find their use in oil, chemical synthesis and gas well drilling and completion fluids, paper manufacturing, water purification, glass manufacturing, and photography. Through, the company offers custom manufacturing, research and chemical scale-up services. The products manufactured in the segment are agrichemicals, orthoalkylated anilines and ibuprofen. Albemarle has announced that it is going to build a Kilo Laboratory for the European customers. The Fine Chemical segment of the company accounted for 24.1% of the total revenue during the fiscal year ended 2010. Albemarle markets and distributes its products through its distributors commissioned sales representatives and subsidiaries. The company also focuses on research and development activities. The company’s research in Polymer Solutions division is divided among new and improved flame retardants, catalysts research, plastic and other additives, refinery catalysts research, and fine chemicals research. The company spent $58.4m towards research and development activities during the fiscal year ended 2010. The company's wholly owned subsidiaries include, Albemarle Catalysts Company BV, Albemarle Japan Corporation, Albemarle Virginia Corporation, Albemarle Netherlands Holdings CV, Albemarle Netherlands BV, Albemarle International Corporation, Albemarle Europe SPRL, Albemarle Catalysts Moscow, Albemarle PPC, Martinswerk GmbH, Albemarle Chemicals UK, Albemarle Australia Pty. Ltd., Albemarle China Corporation, Albemarle Overseas Development Corporation, Albemarle Korea Corp., and Albemarle Asia Pacific Company. In May 2011, the company completed the acquisition of Catilin, Inc., a biodiesel production company.

Albemarle Corporation (Albemarle) develops, manufactures and markets highly-engineered specialty chemicals. The company along with its subsidiaries offers flame retardants, antioxidants, curatives, stabilizers, FCC, HPC, polyolefin and chemical catalysts, alternate fuel technologies, and bromine chemicals. The company’s products find application in varied sectors such as consumer electronics, building and construction materials, automotive parts, packaging, pharma-chemicals and agrichemicals, and petroleum refining. Albemarle has over 3,000 customers in 100 countries. The services provided by Albemarle include contract research service and exclusive synthesis. The company operates internationally through its 45 facilities in North and South America, Europe and Asia. The company is headquartered at Baton Rouge, in Louisiana, the US.The company reported revenues of (U.S. Dollars) USD 2,869.01 million during the fiscal year ended December 2011, an increase of 21.43% over 2010. The operating profit of the company was USD 587.84 million during the fiscal year 2011, an increase of 41.70% over 2010. The net profit of the company was USD 436.28 million during the fiscal year 2011, an increase of 34.77% over 2010.

Albemarle Corporation headquartered in Baton Rouge Louisiana is a leading global developer manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics petroleum refining utilities packaging construction automotive/transportation pharmaceuticals crop protection food-safety and custom chemistry services. The Company is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments Polymer Solutions Catalysts and Fine Chemistry. Corporate Responsibility Magazine selected Albemarle to its prestigious 100 Best Corporate Citizens list for 2010 and 2011. Albemarle employs approximately 4000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to http://www.albemarle.com/ including notification of events news financial performance investor presentations and webcasts Regulation G reconciliations SEC filings and other information regarding the Company its businesses and the markets we serve.

Albemarle Corporation offers development, manufacturing and marketing for complex chemicals and services that create customer value and shareholder wealth. Focusing on chemistry for life, the company is a worldwide supplier of specialty chemicals that provide an overall benefit to the world. Albemarle offers engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. It operates in three business segments, which consist of polymer additives, catalysts and fine chemicals. The company serves customers in approximately 100 countries. Albemarle Corporation is headquartered in Richmond, Va.

Producer of organometallics, methyl bromide, bromine, bromine chloride and ibuprofen. Provider of custom fine chemical manufacturing services. Also the parent/holding company of a high-tech unit involved in e-commerce services. Products and services are sold to multiple industries.

Product Codes

Product Code	Product Description
CHE-IN-M	Bromine
CHE-IN-M	Brominated flame retardants
CHE-IN-M	Methyl bromide
CHE-IN-M	Bromine chloride
CHE-OR	Organometallics
CHE-SV-M	Custom specialty chemical manufacturing services
MAT-AM	Flame retardants
PHA-OC	Ibuprofen
ZZZ-HC	Parent/Holding company

Financial Data

Financials in:	USD(mil)
Revenue:	2,869.0
Net Income:	436.3
Assets:	3,203.8
Long Term Debt:	749.3
Total Liabilities:	1,612.5
Working Capital:	0.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

21.4%

34.8%

4.4%

Market Data

Quote Symbol:	ALB
Exchange:	New York Stock Exchange
Currency:	USD
Stock Price:	61.7
Stock Price Date:	12-21-2012
52 Week Price Change %:	21.5
Market Value (mil):	5,503,764.0
SEDOL:	2046853
ISIN:	US0126531013
Equity and Dept Distribution:
Common Stock $.01 Par, 04/11, 150M auth., 91,692,039 issd. Insiders & strategic owns 0.92%. 3/07, 2-for-1 split.

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Key Equipment Finance Limited
Auditor:	PricewaterhouseCoopers LLP

Additional information
Fortune 1000 Rank:	714

Albemarle Corporation

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Key Organizational Changes

Ltd., Albemarle China Corporation, Albemarle Overseas Development Corporation, Albemarle Korea Corp., and Albemarle Asia Pacific Company. In May 2011, the company completed the acquisition of Catilin, Inc., a biodiesel production company.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases. Disclaimer: No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.
Source: GlobalData, November 30, 2012

Scott Martin has been promoted to vice president, fine chemistry. In this role, Martin will be responsible for creating and executing strategy for this global business unit and for driving the group's financial results. He joined Albemarle in 2001 through the acquisition of custom and fine chemicals company, ChemFirst Fine Chemicals, and subsequently consolidated the company's agricultural and pharmaceutical products into the fine chemistry services division. Four years later, he became division vice president of polyolefin catalysts (now re-named performance catalyst solutions) where he served until he assumed responsibility for the fluid catalytic cracking (FCC) catalysts and additives division in 2007. Most recently, he served as vice president, hydro processing catalysts.
Source: GlobalData, November 30, 2012

Resource Management

Most recently, he served as vice president, polymer solutions. John Nicols has been promoted to senior vice president, strategic development and catalysts. In this expanded role, he will continue to oversee all aspects of the Catalysts global business unit's performance, and he will also assume responsibility for Albemarle's strategy to expand its business through adjacency opportunities as the company implements its Vision 2015 growth strategy. Nicols joined Albemarle (then Ethyl Corporation) in February 1990 and has held a wide variety of global positions with increasing responsibility during his tenure with the company. He served as vice president, fine chemistry and vice president, flame retardants.
Source: GlobalData, November 30, 2012

Sales and Distribution

Most recently, he served as vice president, global sales and service. Scott Martin has been promoted to vice president, fine chemistry. In this role, Martin will be responsible for creating and executing strategy for this global business unit and for driving the group's financial results. He joined Albemarle in 2001 through the acquisition of custom and fine chemicals company, ChemFirst Fine Chemicals, and subsequently consolidated the company's agricultural and pharmaceutical products into the fine chemistry services division. Four years later, he became division vice president of polyolefin catalysts (now re-named performance catalyst solutions) where he served until he assumed responsibility for the fluid catalytic cracking (FCC) catalysts and additives division in 2007.
Source: GlobalData, November 30, 2012

In this role, Steitz will oversee all aspects of the company's operations, including global responsibility for manufacturing, supply chain, sales and health, safety and environmental.Luke Kissam, CEO of Albemarle, said, "John is a recognized leader in the specialty chemicals arena and has served Albemarle with incredible leadership and dedication. With a deep knowledge of both our businesses and the chemical industry and a true passion for executing our strategies, he is the ideal fit for this position. I look forward to continuing to work with John to deliver on our future growth strategy." An industry veteran with nearly 30 years of experience in business management and administration activities, Steitz joined Albemarle in July 2000 and served in various roles of increasing responsibility during his tenure with the company. Most recently, he served as executive vice president and COO.
Source: GlobalData, November 30, 2012

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Strategic Acquisitions · Operational Efficiency · Diversified Operations	Weaknesses · Legal Proceedings · Limited Liquidity
External Origin (attributes of the environment)	Opportunities · Growth Opportunities in Emerging Markets · Expansion Initiatives · Strategic Partnerships	Threats · Challenge of Environmental Regulations · Raw Material Procurement Risks · Competitive Pressures

Overview

Albemarle Corporation (Albemarle) carries out the development, manufacture, and marketing of highly-engineered specialty chemicals. The company’s products are used in applications such as consumer electronics, utilities, petroleum refining, packaging, construction, pharmaceuticals, automotive/transportation, crop protection, foodsafety and custom chemistry services. The company offers a wide range of products through reportable business segments, namely, Polymer Solutions, Catalysts and Fine Chemistry. Its operational and geographical diversity enables the company to cater to broader markets and reduce the risks associated with adverse economic and political developments in any particular region. However, increasing competitive risks could be detrimental to its operations, if the company fails to evaluate them properly.

Strengths

Strategic Acquisitions

The company has been engaged in acquisitions and joint ventures, including the consequent integration of acquired businesses over the last three years. These acquisitions resulted in the expansion of the company’s base business. The company’s acquired business offered a wider array of products to its customers and new alternatives for discovery through additional chemistries. In May 2011, the company acquired Catilin, Inc. Catilin carries out the development and application of heterogeneous biodiesel catalysis. Through the acquisition, the company expands its presence in the biofuels market. The addition of Catilin's technology and products will strengthen the company’s offerings for the renewable fuels market. The company could also gain from the R&D and distribution synergies as a result of the acquisition.

Operational Efficiency

The company’s strong financial performance coupled with increasing profit margins in 2011 indicates the company’s operational efficiency. The company reported improved operational performance for the fiscal year 2011. Albemarle reported total revenue and operating income of $2,869.01m and $ 587.84m in 2011, an increase of 21.43% and 41.7% respectively, over that in 2010. The increased revenue in 2011 was due to increased volumes in all the segments as a result of the improved market conditions and favorable price/mix. In 2011, the segmental revenue of Polymer Solutions, Catalysts and Fine Chemistry grew by 11%, 25% and 32% respectively, compared to that in 2010. The company reported strong operational efficiency with decreased cost and increased operating margins. The company reported increased operating margin of 20.48% in 2011, as compared to 17.55% in 2010. The operating margin increased 293 basis points (bps) over 2010 which indicates management's high focus on improving profitability. It also implies efficient cost management or a strong pricing strategy by the company. The company’s gross margin increased 34.05% in 2011 from 31.57% in 2010. Its net profit margin also increased 15.2% in 2011 from 13.7% in 2010. The company reduced its operating cost as percentage of sales to 79.51% in 2011 from 82.44% in 2010. The company’s continuous cost restructuring and efficiency improvement efforts have resulted in significant savings and cost competitiveness in almost all areas thereby enabling it to take full advantage of the recovery in the economy.

Diversified Operations

The operational and geographical diversity makes the company less exposed to the risk of excessive dependence on any single segment, industry, or market. The company operates through three reportable business segments, namely, Polymer Solutions, Catalysts and Fine Chemistry. Polymer Solutions segment offers flame retardants, stabilizers and curatives. These products are sold to chemical manufacturers and processors, including lubricant manufacturers, polymer resin suppliers, refiners and other specialty chemical companies. Catalysts segment offers refinery catalysts and polyolefin catalysts. The key customers of the company’s catalysts include multinational corporations, independent petroleum refining companies and national petroleum refining companies. The company’s Fine Chemistry segment offers performance chemicals and fine chemistry services and intermediates. The segment produces more than 100 products which are applied in end-markets, such as, chemical manufacturers and processors, including pharmaceutical, agricultural, drilling and oil services, water treatment and photographic companies, and other specialty chemical companies. For the fiscal year ended 2011, the Catalysts segment accounted for 38.9% of the company’s total revenue, followed by Polymer Solutions with 34.9% and Fine Chemistry with 26.2%. Geographically, Albemarle operates through two segments, namely, US and Foreign. For the fiscal year ended 2011, the company earned 38.57% from the US segment, while the Foreign segment accounted for 61.43% of its total revenues. The company serves around 3,000 customers in over 100 countries throughout the world. Albemarle along with its joint ventures operates facilities that include production, research and development facilities, and administrative and sales offices in North America, South America, Europe, the Middle East and Asia. Diversified business operations provide the company an advantage over its competitors, besides serving the diverse needs of its customer base.

Weaknesses

Legal Proceedings

Involvement in litigation adds to costs, which could have an adverse impact on the operations and financial position of the company. The company received a Notice of Violation (NOV) in July, 2006 from the EPA Region 4. The notice was regarding the implementation of the Pharmaceutical Maximum Achievable Control Technology standards at its plant in Orangeburg, South Carolina. Currently, the company is in discussions with the EPA to resolve the allegations related to NOV. The outcome of this litigation is still pending and unpredictable. Additionally, the company is also involved in legal proceedings during its ordinary course of business from time to time. Other legal proceedings against the company include administrative or judicial proceedings which seek remediation under environmental laws, such as superfund, products liability and premises liability litigations. Such litigations, regardless of the outcome, drain the financial resources and divert the time and effort spent by the management.

Limited Liquidity

Declining liquidity assumes significance as the company will be compelled to spend a significant amount of money to enhance its business and revenue stream. The company reported a decline in all the liquidity ratios. Its liquidity ratios decreased due to the increase in current liabilities. Its total current liabilities increased to $401.18m in the fiscal year 2011 from $364.18m in 2010. This led to a marginal decline in its liquidity indicators such as current ratio and quick ratio. In 2011, it reported current ratio of 3.37 times as against 3.7 times in 2010, followed by quick ratio of 2.3 times as against 2.6 times in 2010. The declining current ratio indicates that the company is in a weak position to meet its short-term obligations. The company also reported a decrease in cash and cash equivalents in fiscal year 2011. The company had $469.42m in cash and cash equivalents as of December, 2011, as compared to cash and cash equivalents of $529.65m in 2010. The decreasing cash reserves indicate the company’s inability to obtain additional debt to finance acquisitions, capture business opportunities and meet capital expenditure or other capital requirements in the future.

Opportunities

Growth Opportunities in Emerging Markets

The company could benefit through its presence in the emerging markets, which have created ample opportunities for the chemical industry over the past decade. Strong growth is expected in the emerging countries of Asia-Pacific, Africa, the Middle East, Eastern Europe and Latin America. Although the economic crisis dampened the growth of the chemical industry in the recent past, it continues to grow at a higher rate, as compared to that in the developed countries of Europe and North America. According to the American Chemistry Council (ACC) estimates, chemical output in China increased sevenfold over the past 10 years. China is expected to overtake the US and become the largest chemical market by 2011. Global chemical production grew by 4.8% in 2011. Emerging markets are expected to account for 60% of the global chemical production by 2020. These countries are expected to record higher growth and lead the world as major producers of chemicals. Thus, the company could benefit by expanding its presence in the emerging markets.

Expansion Initiatives

Expansion of operations allows the company to enhance its presence in the leading and developing markets. In May 2012, Albemarle opened a shared services center in Dalian, China. Through this center, the company serves the customers in the Asia-Pacific region. In May 2012, the company launched a new antimicrobial used in meat processing. This new product expands the company's food safety portfolio. In April 2012, the company expanded its Earthwise product line by the introduction of a new polymeric flame retardant used in extruded (XPS) and expanded (EPS) polystyrene procedures. In January 2012, the company established a new business unit, Electronic Materials business unit. Through this new unit, the company could strengthen its presence in the LED and solar markets. In January 2012, Albemarle installed a new production train for finished polyolefin catalysts and a number of supporting auxiliaries. In September 2011, the company established a new division, Albemarle Environmental Division. The division focuses its resources within the air pollution control industry. In October 2011, the company opened a new environmental research and development laboratory in Baton Rouge, Louisiana. The new facility allows the Albemarle Environmental Division to expand its capabilities into multi-pollutant control. In November 2011, the company in partnership with Southern Microbiological Services opened a new Research and Development Microbiology lab in Baton Rouge, Louisiana. Such expansion initiatives expand the company's reach in existing and new markets, and increase its revenue.

Strategic Partnerships

The company augments its existing businesses with its complementary and strategic partnerships. In August 2011, the company entered into a manufacturing agreement to supply base oils to Novvi S.A. Through this agreement, the company’s Fine Chemistry Services Division serves as a custom scale-up and production partner which supplies synthetic, renewable base oils for the lubricants market. In April 2011, the company’s joint venture with SABIC affiliate, Saudi Specialty Chemical Company, Saudi Organometallic Chemicals Company (SOCC) selected Samsung Engineering to provide engineering, procurement, and construction (EPC) services for the Aluminum Alkyls manufacturing facility of SOCC in Jubail, Saudi Arabia. Strategic agreements provide various opportunities for the company’s international expansion and also strengthen its competitiveness.

Threats

Challenge of Environmental Regulations

The company could be affected by the environmental regulations governing the global chemical industry. REACH (Registration Evaluation and Authorization of Chemicals), in Europe, is an example of the stringent environmental regulations that impact chemical producers. REACH regulates the products manufactured and marketed in Europe. Phased over a period of 11 years, the regulation mandates all companies to develop and submit dossiers containing datasets about their chemical products and detail their potential impact and risk on environment. Such regulations could impede the launch of new products as the process is time-consuming and expensive. It may also result in phasing out many existing chemicals from the market, which are regarded as toxic and hazardous. REACH applies directly to over 30,000 different chemical substances that are produced or sold in Europe and its implementation is expected to cost European chemical industry about $3 billion. Other countries too are expected to model their regulations on the principles of REACH. The US already began implementing similar regulations with the reform of Toxic Substances Control Act. China has its own version: RoHS (Restriction of Hazardous Substances), which restricts the use of certain chemicals in the market. Such tough environmental regulations are expected to become more stringent in the future, affecting both the existing and new products of the company.

Raw Material Procurement Risks

The increasing prices of raw materials could affect the company’s business. Raw material prices constitute a significant part of the production cost of the company. The company uses various raw materials for many of its products. Albemarle uses key raw materials such as bromine, phenol, bisphenol-A, caustic soda, benzene, phosphorus oxychloride, alumina trihydrate, isobutylene, polystyrene and phosphorous derivatives in its Polymer Solutions operations. Albemarle’s Catalysts operations use major raw materials such as aluminum, alpha olefins, ethylene, sodium silicate, molybdenum, sodium aluminate, rare earths, kaolin, nickel and cobalt. Fine Chemical segment uses raw materials such as potassium chloride, aluminum chloride, ammonia, chlorine, methyl amines alpha olefins and propylene. The prices of chemical products are influenced by fluctuations in crude oil prices. Competition also limits the option of increasing product prices to compensate for the higher production costs. In addition, the continuous supply of the raw materials could be affected by weather conditions, national emergencies, strikes, governmental controls, natural disasters, supply shortages or other events. Thus, price fluctuations and non-availability of these raw materials may have a material effect on the product costs and the operations of the company.

Competitive Pressures

Increased competition may lead the company to reduce its prices, which could negatively affect its margins. The company operates in a highly competitive chemical industry. Albemarle competes against various domestic and foreign specialty chemical producers. The company’s key competitors in its polymer segment include Chemtura Corporation, Israel Chemicals Ltd., Jiangsu Yoke Technology Co., Ltd., M. Huber Corporation, Kyowa Chemical Industry Co., Ltd., Zhejiang Wansheng Chemical Co., Ltd., Nabaltec GmbH, BASF Corporation and Songwon Industrial Co., Ltd. In its Catalysts segment, the company competes with companies such as Criterion Catalysts and Technologies, W.R. Grace & Co./Advanced Refining Technologies, Akzo Nobel N.V., Haldor Topsoe, Chemtura Corporation and Tosoh Corporation. The Fine Chemistry segment competes with companies such as Chemtura Corporation, Israel Chemicals, Lonza, BASF Corporation, Cilag AG and Clariant Ltd. The company operates in a progressively more complex and challenging chemical marketplace whose dynamics are ever-changing. Technological advances by any player in the market could render its present or future products obsolete or uneconomical. The existing market includes companies of varying sizes; some more specialized than the company with respect to particular commodities, and some with greater financial resources than the company. The company competes in this evolving marketplace on the basis of many factors, including price, quality, innovation, service, reputation, distribution and promotion.

Location
451 Florida St Baton Rouge, LA 70801-1765 United States
County:	E Baton Rouge
MSA:	Baton Rouge, LA
Phone:	225-388-8011
Fax:	225-388-7626
URL:	http://albemarle.com
ABI^©:	482987047
Annual Sales:	$2,869,005,000 (USD)
Employees:	4,000
Facility Size(ft^2):	40,000+
Business Type:	Public
Location Type:	Headquarter
Ticker:	ALB
Exchange:	NYSE

Primary Line of Business:
SIC:	2899-05 - Chemicals-Manufacturers
NAICS:	325998 - Other Misc Chemical Prod Mfg
Secondary Lines of Business:
SICs:	2819-98 - Industrial Inorganic Chmcls NEC (Mfrs)
	5169-16 - Chemicals (Whls)
	8742-13 - Marketing Programs & Services
	9999-66 - Federal Government Contractors
NAICS:	325188 - All Other Basic Inorganic Chemical Mfg
	541613 - Marketing Consulting Svcs
	424690 - Other Chemical Merchant Whols

Corporate Structure News

Albemarle Corporation
Total Corporate Family Members: 32

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Albemarle Corporation	Parent	Baton Rouge, LA	United States	Chemicals - Plastics and Rubber	2,869.0	4,000
martinswerk gmbh	Subsidiary	Bergheim, Nordrhein-Westfalen	Germany	Chemical Manufacturing	424.0	540
Magnifin Magnesiaprodukte GmbH & Co KG	Joint Venture	Breitenau	Austria	Chemical Manufacturing	44.5	54
Albemarle Corp	Branch	Baton Rouge, LA	United States	Chemical Manufacturing	1,583.2	500
Albemarle Corp	Branch	Houston, TX	United States	Chemical Manufacturing	721.2	475
Albemarle Corp	Branch	Pasadena, TX	United States	Chemical Manufacturing	721.2	475
Albemarle Corp	Branch	Magnolia, AR	United States	Chemical Manufacturing	357.4	475
Albemarle Catalysts Co. B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Chemical Manufacturing		473
Albemarle Corp	Branch	Orangeburg, SC	United States	Chemical Manufacturing	399.3	450
Albemarle Corp	Branch	Emerson, AR	United States	Chemical Manufacturing	357.4	400
Albemarle Catalysts	Subsidiary	Houston, TX	United States	Chemical Manufacturing		400
Albemarle Corp	Branch	Pasadena, TX	United States	Chemical Manufacturing	340.1	300
Albemarle Corp. - Pennsylvania	Branch	Tyrone, PA	United States	Chemical Manufacturing	98.0	200
Albemarle Europe Sprl	Subsidiary	Ottignies-Louvain-La-Neuve, Brabant Wallon	Belgium	Chemical Manufacturing	75.0	150
Albemarle Corp	Branch	South Haven, MI	United States	Biotechnology and Drugs	27.0	120
Albemarle Magyarorszag Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Business Services	6.5	78
Albemarle Corp. - Ohio	Branch	Tyrone, PA	United States	Chemical Manufacturing		55
Albemarle Chemicals U.K. Ltd.	Subsidiary	Bristol	United Kingdom	Chemical Manufacturing	20.8	52
Nippon Aluminum Alkyls, Ltd.	Joint Venture	Tokyo	Japan	Chemical Manufacturing		40
Albemarle Sorbent Technologies	Subsidiary	Twinsburg, OH	United States	Engineering Consultants		16
Albemarle Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	193.6	15
Albemarle Catilin Corporation	Branch	Ames, IA	United States	Biotechnology and Drugs		15
Kemira Teesport Ltd.	Subsidiary	Middlesbrough	United Kingdom	Chemical Manufacturing	3.9	5
Albemarle Corp Employment	Branch	Rayne, LA	United States	Personal Services		2
Albemarle Deutschland GmbH	Subsidiary	Bergheim, Nordrhein-Westfalen	Germany	Biotechnology and Drugs		1
Albemarle Chemicals South Africa (PTY) Ltd.	Subsidiary	Durban, KwaZulu-Natal	South Africa	Chemical Manufacturing
Albemarle Japan Corporation	Subsidiary	Tokyo	Japan	Biotechnology and Drugs
Albemarle Chemicals (Shanghai) Company Limited	Subsidiary	Shanghai	China	Biotechnology and Drugs
Albemarle Management (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Biotechnology and Drugs
Albemarle Chemicals (Nanjing) Company Limited	Subsidiary	Nanjing	China	Biotechnology and Drugs
Albemarle Corp	Subsidiary
Albemarle Europe	Subsidiary	Louvain-La-Neuve	Belgium	Chemical Manufacturing	937.7	93

Competitors Report

CompanyName	Location	Employees	Ownership
Akzo Nobel N.V.	Amsterdam, Netherlands	55,590	Public
Almatis Inc.	Leetsdale, Pennsylvania, United States	800	Private
Arch Chemicals, Inc.	Norwalk, Connecticut, United States	2,504	Public
Avecia Ltd.	Altrincham, United Kingdom	2,529	Private
BASF Corporation	Florham Park, New Jersey, United States	16,000	Private
BASF SE	Ludwigshafen Am Rhein, Germany	113,452	Public
Chemtura Corporation	Philadelphia, Pennsylvania, United States	4,500	Public
Chemtura Corporation	Middlebury, Connecticut, United States	4,500	Public
Cilag AG	Schaffhausen, Switzerland	1,200	Private
Clariant AG	Muttenz, Switzerland	21,334	Public
Clariant Corporation	Charlotte, North Carolina, United States	3,700	Private
Clariant International AG	Muttenz, Switzerland	21,536	Public
Dow Advanced Materials	Philadelphia, Pennsylvania, United States	15,710	Private
Eastman Chemical Company	Kingsport, Tennessee, United States	13,500	Public
Hexcel Corporation	Stamford, Connecticut, United States	4,508	Public
ICC Industries Inc	New York, New York, United States	1,700	Private
INVISTA B.V.	Wichita, Kansas, United States	15,000	Private
Israel Chemicals Limited	Tel Aviv-Yafo, Israel	11,910	Public
J M Huber Corp	Edison, New Jersey, United States	4,000	Private
Jiangsu Yoke Technology Co., Ltd	Wuxi, China	526	Public
Kraton Polymers LLC	Houston, Texas, United States	916	Private
Lonza Group AG	Basel, Switzerland	11,084	Public
Momentive Performance Materials Inc	Albany, New York, United States	4,750	Private
Nabaltec AG	Schwandorf, Germany	416	Public
PolyOne Corporation	Avon Lake, Ohio, United States	4,000	Public
Songwon Industrial Co., Ltd.	Ulsan, Korea, Republic of	447	Public
Tosoh Corporation	Tokyo, Japan	11,238	Public
W.R. Grace & Co.	Columbia, Maryland, United States	6,300	Public

Executives Report

Board of Directors

Name	Title	Function
William M Gottwald	Vice Chairman	Vice-Chairman
Ron Beegle	Director	Director/Board Member
Biography: Ron Beegle was appointed to serve as a director following the consummation of the Transactions. Mr. Beegle is a partner of Goode Partners and serves as an advisor to DLJMB Merchant Banking Partners (DLJMB) an affiliate of Credit Suisse Securities (USA) LLC. Prior to joining Goode Partners Mr. Beegle serviced as an Operating Partner and Chairman of Global Consumer Retail Investors for DLJMB. From 1996 to 2003 Mr. Beegle spent seven years at Gap Inc. serving as Senior Vice President of Finance and Operations of Banana Republic Executive Vice President and General Manager of Gap Inc. Direct and Chief Operating Officer of the companys flagship Gap division. Mr. Beegle also serves on the board of directors of Aeropostale Inc.
J. Alfred, Broaddus	Board Member	Director/Board Member
Albemarle Corporation	Board of Directors	Director/Board Member
Jonathan Coslet	Director	Director/Board Member
Biography: Jonathan Coslet was appointed to serve as a director following the consummation of the Transactions. Mr. Coslet has been a partner of Texas Pacific Group since 1993 and is currently a senior partner and member of the firms Executive Management and Investment Committees. Prior to joining Texas Pacific Group Mr. Coslet worked at Donaldson Lufkin & Jenrette specializing in leveraged acquisitions and high yield finance from 1991 to 1993. Mr. Coslet also serves on the board of directors of Quintiles Transnational Corp. IASIS Healthcare Corp. and J.Crew Group Inc.
James Coulter	Director	Director/Board Member
Biography: Mr. Coulter has been a director since 1997. Mr. Coulter is a founding partner of TPG Capital L.P. for more than five years. Mr. Coulter also serves on the Board of Directors of Lenovo Group Limited and The Neiman Marcus Group Inc.
John D Gottwald	Board Member	Director/Board Member
Biography: President and Chief Executive Officer of Tredegar Corporation since March 2006 having previously served as Chairman of the Board of Directors of Tredegar from September 2001 to March 2006 and as President and Chief Executive Officer of Tredegar from its inception in July 1989 until September 2001. Other directorship: Albemarle Corporation. Director since 1989. Term expires 2010
William H. Hernandez	Independent Director	Director/Board Member
Biography: Mr. William H. Hernandez is Independent Director of Albemarle Corp., since January 1, 2011. He retired, having previously served as Senior Vice President, Finance, and Chief Financial Officer of PPG Industries, Inc. (“PPG�), a global manufacturer of coatings and specialty products, from 1995 to 2010. Other directorships: Eastman Kodak Company (provider of imaging technology products and services to the photographic and graphic communications markets), Black Box Corporation (provider of network infrastructure services) and USG Corporation (manufacturer and distributor of building materials). Mr. Hernandez brings to the Board of Directors broad experience in corporate finance, risk management, operations, mergers and acquisitions, strategic planning and executive compensation. In particular, Mr. Hernandez is qualified in the fields of accounting, internal controls and economics, all of which contribute to effective service on the Board of Directors. Through his service on the board of directors of other public companies, he has gained additional experience in risk management and corporate governance. Age: 64 Education: Harvard University, MBA The Wharton School of the University of Pennsylvania, BS
R. William Ide	Independent Director	Director/Board Member
Biography: Mr. R. William Ide, III, is Independent Director of Albemarle Corp., since December 16, 2005. He is Partner at McKenna Long & Aldridge LLP (law firm), having previously served as Senior Vice President, Secretary & General Counsel of Monsanto Corporation. Other directorship: AFC Enterprises, Inc. (the franchisor and operator of Popeyes® Chicken & Biscuits). Through Mr. Ide’s experience as general counsel of Monsanto Corporation, he gained experience with the dynamics of a global chemical company such as ours, including corporate governance, compliance and public policy. He has also gained experience throughout his career having personally advised boards of Fortune 200 public companies, quasi-governmental agencies and not-for-profits in areas such as governance, risk management, crisis management and remediation of failed controls and systems, areas which are of great importance to the Board of Directors. Age: 71 Education: Georgia State University, MBA (Finance) Washington and Lee University, BA (Cum Laude) Georgia State University, MBA
Luther C. Kissam	Chief Executive Officer, Director	Director/Board Member
Biography: Mr. Luther C. Kissam, IV, is Chief Executive Officer, Director of Albemarle Corp. He was elected to the Board of Directors on November 2, 2011 and as Chief Executive Officer effective September 1, 2011. Mr. Kissam served as Company's President from March 15, 2010 through March 1, 2012, Company's Executive Vice President, Manufacturing, Law and HS&E from May 2009 through March 2010, Company's Senior Vice President, Manufacturing and Law, and Corporate Secretary from January 2008 through May 2009 and Company's Vice President, General Counsel and Secretary from October 2003 through December 2007. Before joining Albemarle, Mr. Kissam served as Vice President, General Counsel and Secretary of Merisant Co. (manufacturer and marketer of sweetener and consumer food products), having previously served as Assistant General Counsel of Monsanto Company (provider of agricultural products and solutions). Mr. Kissam’s knowledge of the Company and its operations is invaluable to the Board of Directors in evaluating and governing the Company’s future. Through his prior experience and service to the Company, he has developed knowledge in the areas of leadership, global business, corporate finance, safety, risk oversight, mergers and acquisitions, management and corporate governance, each of which provides great value to the Board of Directors. Age: 47 Education: University of South Carolina Compensation/Salary:$664,583 Compensation Currency: USD
Joseph M. Mahady	Independent Director	Director/Board Member
Biography: Mr. Joseph M. Mahady is Independent Director of Albemarle Corp., since February 1, 2012. He retired, having previously served as President of Wyeth Pharmaceuticals, Inc., a global manufacturer of pharmaceutical products from 2007 to 2009. Prior to assuming these responsibilities, Mr. Mahady served as President of North America & Global Businesses from 2003-2005, as President of Americas & Global Businesses from 2005 – 2007 and as President of Global Business from 2005 – 2007. Mr. Mahady’s experience in global commercial operations and creating sustainable opportunities in emerging markets is an excellent addition to Company's Board. Age: 58 Education: Fairleigh Dickinson University, M (Business Administration) St. John's University, BS (Pharmacy)
Richard L. Morrill	Board Member	Director/Board Member
Biography: President The Teagle Foundation a charitable foundation since January 1 2010. Chairman of Tredegar Corporation from March 2006 to May 2010. Chancellor of the University of Richmond since June 2004 having previously served as Distinguished University Professor of Ethics and Democratic Values University of Richmond from July 1998 until June 2004. Other directorships: Albemarle Corporation and Trustee of The Williamsburg Investment Trust. Director since 1997. Term expires 2012. Age: 70 Education: Brown University, AB (History) Duke University, doctorate (Religion And Ethics) Duke University, PhD (Religion)
James W. Nokes	Chairman of the Board	Director/Board Member
Biography: Mr. Jim W. Nokes is Independent Non-Executive Chairman of the Board of Albemarle Corp., since February 1, 2012. Mr. Nokes joined the Albemarle Board as a director in 2009. Mr. Nokes retired, having previously served until April 30, 2006, as Executive Vice President of Refining, Marketing, Supply and Transportation of ConocoPhillips (international, integrated energy company). Other directorship: Tesoro Corporation (independent refiner and marketer of petroleum products). Through Mr. Nokes’ experience at ConocoPhillips, he gained trading and risk management skills and operational experience. In addition, having been an executive of the company during the merger of Phillips Petroleum Co. and Conoco Inc., he gained unique experience in mergers and acquisitions that aid the Board of Directors in evaluating and directing the Company’s future Age: 65 Education: Fort Hayes State University, Bachelor's (Business Administration) University of Arkansas, MBA
James J O’Brien	Director	Director/Board Member
James J. O'Brien	Director	Director/Board Member
Biography: Mr. James J. O'Brien has been appointed as Director of Albemarle Corp., effective July 12, 2012. He is the Chairman and Chief Executive Officer of Ashland Inc., a specialty chemicals and technology company. Mr. O’Brien joined a predecessor of Ashland Inc. in 1976 and was appointed to positions of increasing responsibility, prior to his election as Chairman and Chief Executive Officer in 2002. He also serves as a director of Humana Inc., chairman of the board of trustees of Midway College, a member of the Dean’s Advisory Council for the Fisher Graduate College of Business at The Ohio State University, and a member of the board of directors of the American Chemistry Council. He is a graduate of The Ohio State University, from which he earned a bachelor’s degree in accounting and finance and a master’s degree in business administration. Age: 58 Education: The Ohio State University, M (Business Administration) The Ohio State University, B (Finance and Accounting)
Barry W. Perry	Independent Director	Director/Board Member
Biography: Mr. Barry W. Perry is Independent Director of Albemarle Corp., since January 1, 2010. He retired, having previously served as Chairman and Chief Executive Officer of Engelhard Corporation (a surface and materials science company) from January 2001 to June 2006, prior to which he held various management positions since joining the company in 1993. Other directorships: Cookson Group PLC (a materials science company operating on a global basis in the ceramics, electronics and precious metals markets), Arrow Electronics (a global provider of electronics components and enterprise computing solutions) and Ashland, Inc. (global chemical producer). Mr. Perry’s experience in senior leadership as Chairman and Chief Executive Officer of Engelhard Corporation uniquely positions Mr. Perry to serve on the Board of Directors. Mr. Perry also has over forty years of experience in the plastics/chemical industry. Age: 65 Education: University of Massachusetts, BS
John Sherman	Independent Director	Director/Board Member
Biography: Mr. John Sherman, Jr. is Independent Director of Albemarle Corp. He retired, having previously served as Vice Chairman of Scott & Stringfellow, Inc. (regional brokerage firm) from 2003 through 2006 and as President and Chief Executive Officer of Scott & Stringfellow, Inc. prior thereto. Through his experience as President and Chief Executive Officer of Scott & Stringfellow, Inc., and prior service on the boards of Trigon, Anthem and Blue Healthcare Bank, Mr. Sherman brings to the board financial experience, leadership skills and strategic planning abilities. He also provides risk management knowledge. Mr. Sherman served as Lead Independent Director from April 2010-February 2012. Age: 66 Education: Princeton University, BA (British Literature) The Darden School, MBA
Charles E Stewart View Email	Lead Independent Director	Director/Board Member
Biography: Charles E. Stewart ; age 74; director since 1997; retired having previously served as Executive Vice President of Occidental Chemical Corporation. Through Mr. Stewarts thirteen-year tenure on our Board of Directors he has developed great leadership skills extensive knowledge of the Company and a solid understanding of corporate governance matters. In addition through his experience in senior leadership and operations at another chemical company he has developed a unique perspective which is welcomed in discussions of the Board of Directors including in such areas as risk management safety and public policy. Age: 74 Education: Marquette University
Harriett Tee Taggart	Independent Director	Director/Board Member
Biography: Dr. Harriett Tee Taggart, Ph.D., is Independent Director of Albemarle Corp., since February 7, 2007. She is a consultant, having previously served until December 2006 as a Partner of Wellington Management LLC (investment management firm). Ms. Taggart was global sector equity portfolio manager and global industry analyst for the chemicals and related industries at Wellington Management LLC. Other directorships: The Hanover Insurance Group, Inc. (property and casualty insurance company) and a trustee of the Eaton Vance Mutual Fund Complex (a fund complex comprised of 182 funds). Ms. Taggart’s global experience as a senior investment professional and manager and her experience in fundamental analysis, evaluation of business strategies, financial statements and future prospects is invaluable to the Board of Directors. In addition, having served on the boards of several publicly-traded companies, she has gained experience in risk oversight, executive compensation and corporate governance matters. Age: 64 Education: Massachusetts Institute of Technology, PHD Harvard University, MA Smith College, BA (Anthropology)
Burton Tansky	Director	Director/Board Member
Biography: Burton M. Tansky is president and chief executive officer of The Neiman Marcus Group. Prior to being named CEO in May 2001 Mr. Tansky was the companys president and chief operating officer a position he had held since December 1998. He was executive vice president from February 1998 until December 1998 and he served as chairman and chief executive officer of Neiman Marcus Stores the $2.14 billion retail operating division of the company from May 1994 until February 1998. Mr. Tansky also served as chairman and chief executive officer of Bergdorf Goodman from 1990 until 1994. Previously he served as president of Saks Fifth Avenue. Mr. Tansky is a member of the Board of Directors of The Neiman Marcus Group. He has been honored by the French Government with an appointment as Chevalier (Knight) de la L+ªgion dHonneur for his promotion of French-made merchandise in America. He has also been honored for his work with the National Alliance for Autism Research (NAAR). Mr. Tansky is a graduate of the University of Pittsburgh. Mr. Tansky was elected to IFFs Board of Directors in October 2003. He serves on the Compensation Committee which oversees the Companys various compensation arrangements.
Anne Marie Whittemore	Independent Director	Director/Board Member
Biography: Ms. Anne Marie Whittemore is Independent Director of Albemarle Corp. She is a Partner at McGuireWoods LLP (law firm). Other directorships: Owens & Minor, Inc. (national distributor of medical and surgical supplies and a healthcare supply chain management company) and T. Rowe Price Group, Inc. (global investment management firm). Ms. Whittemore brings to the Board of Directors 20 years of experience serving on the board of directors of several publicly-traded companies. Through her service on the compensation, corporate governance and audit committees of these companies, she has developed knowledge in the area of executive compensation, corporate governance and risk management. In addition, as a lawyer, she has gained experience advising clients on corporate governance matters. Age: 66 Education: Yale Law School, JD Vassar College, BA (Political Science)

Executives

Name	Title	Function
Brendan Hoffman	Chief Executive Officer Of Neiman Marcus	Chief Executive Officer
Biography: Brendan L. Hoffman has been President and Chief Executive Officer of Neiman Marcus Direct since December 2002. Mr. Hoffman served as Vice President of the Neiman Marcus Last Call Clearance Division from August 2000 to December 2002 and as a Divisional Merchandise Manager of Bergdorf Goodman from October 1998 to August 2000.
Luther C. Kissam	Chief Executive Officer, Director	Chief Executive Officer
Biography: Mr. Luther C. Kissam, IV, is Chief Executive Officer, Director of Albemarle Corp. He was elected to the Board of Directors on November 2, 2011 and as Chief Executive Officer effective September 1, 2011. Mr. Kissam served as Company's President from March 15, 2010 through March 1, 2012, Company's Executive Vice President, Manufacturing, Law and HS&E from May 2009 through March 2010, Company's Senior Vice President, Manufacturing and Law, and Corporate Secretary from January 2008 through May 2009 and Company's Vice President, General Counsel and Secretary from October 2003 through December 2007. Before joining Albemarle, Mr. Kissam served as Vice President, General Counsel and Secretary of Merisant Co. (manufacturer and marketer of sweetener and consumer food products), having previously served as Assistant General Counsel of Monsanto Company (provider of agricultural products and solutions). Mr. Kissam’s knowledge of the Company and its operations is invaluable to the Board of Directors in evaluating and governing the Company’s future. Through his prior experience and service to the Company, he has developed knowledge in the areas of leadership, global business, corporate finance, safety, risk oversight, mergers and acquisitions, management and corporate governance, each of which provides great value to the Board of Directors. Age: 47 Education: University of South Carolina Compensation/Salary:$664,583 Compensation Currency: USD
Matthew K. Juneau View Email	Vice President, Polymer Solutions	Division Head Executive
Biography: Mr. Matthew K. Juneau is Vice President - Polymer Solutions of Albemarle Corp., since March 1, 2012. Mr. Juneau previously served as Vice President, Global Sales since May 2009 and Division Vice President of Company's performance chemicals business in the Fine Chemistry division since January 2007. Prior to that, Mr. Juneau held various positions of increasing responsibility in research and development and business management with the Company including Managing Director of Company's European operations from January 2003 until December 2007. Mr. Juneau joined the Company as a chemical engineer in June 1982. Age: 51 Education: Louisiana State University, BS (Chemical Engineering)
Amy Motto View Email	Vice President, Catalysts	Division Head Executive
Biography: Ms. Amy Motto has been appointed as Vice President - Catalysts of Albemarle Corp., effective June 11, 2012. Since joining Albemarle in 1995, after completing a B.S. in Chemical Engineering at the Georgia Institute of Technology, Amy has had a broad and deep career. In 2005, she moved into a general manager role for single site/metallocene catalysts and promoted to her current role as Division Vice President for Performance Catalysts Solutions (PCS) in 2008. She led the redefinition of the organometallics business into the current PCS division and tripled the operating profit of the division during the past four years. Education: Georgia Institute of Technology, BS (Chemical Engineering)
George A Newbill	Vice President Manufacturing Operations	Operations Executive
Bill Tompley View Email	Data Center Operations	Operations Executive
Randy Toney View Email	Software Operations	Operations Executive
Tyler Windsor View Email	Operations Superintendent	Operations Executive
Steve Card View Email	Environmental Engineer	Environment/Safety Executive
Tom Dileo	Senior Process Safety Manager	Environment/Safety Executive
Tim Follis	Safety Supervisor	Environment/Safety Executive
Tom Kerr View Email	Senior Environmental Specialist	Environment/Safety Executive
Susan Landry View Email	Advisor, Fire Safety and Advocacy	Environment/Safety Executive
Matthew Lynch View Email	Director Corporate Environmental	Environment/Safety Executive
Nancy Omalley View Email	Environmental, Regulatory	Environment/Safety Executive
Peter Sanders View Email	Director, Corporate Safety, Ih	Environment/Safety Executive
Pete Mcinnis View Email	Business Manager “ Curatives	Administration Executive
William Pickrell View Email	Business Manager Specialty Bromine Derivatives	Administration Executive
John Rijnierse View Email	Systems Administrator-Houston	Administration Executive
Margaret Wendt View Email	Patent Administrator	Administration Executive
Karen G. Narwold View Email	Senior Vice President, General Counsel, Corporate Secretary	Company Secretary
Biography: Ms. Karen G. Narwold is Senior Vice President, General Counsel, Corporate Secretary of Albemarle Corp. She joined the Company in September of 2010. Ms. Narwold also serves as Company's Corporate Secretary. Ms. Narwold has over 20 years of legal, management and business experience with global industrial and chemical companies. After five years in private practice, she served as Vice President, General Counsel, Human Resources and Secretary of GrafTech International Ltd., a global graphite and carbon manufacturer and former subsidiary of Union Carbide. She then served as Vice President and Strategic Counsel of Barzel Industries, a North American steel processor and distributor. Ms. Narwold resigned from Barzel in November 2009, after Barzel reached an agreement to sell substantially all of its assets in a planned transaction that was consummated in a sale pursuant to Section 363 of the U.S. Bankruptcy Code. Most recently, Ms. Narwold served as Special Counsel with Kelley Drye & Warren LLP and with Symmetry Advisors where she worked in the areas of strategic, financial and capital structure planning and restructuring for public and private companies. Age: 52 Education: University of Connecticut University of Connecticut, BA Compensation/Salary:$368,760 Compensation Currency: USD
Irene Alesce View Email	Financial Systems Manager, Albemarle Corporation	Finance Executive
Scott Tozier View Email	Senior Vice President. and CFO	Finance Executive
Biography: Mr. Scott A. Tozier is Chief Financial Officer, Senior Vice President, Chief Risk Officer of Albemarle Corp., since January 31, 2011. Mr. Tozier also serves as Company's Chief Risk Officer. Mr. Tozier has over 20 years of diversified international financial management experience. Following four years of assurance services with the international firm Ernst & Young, LLP, Mr. Tozier joined Honeywell International, Inc., where his 16 year career spanned senior financial positions in the U.S., Australia and Europe. His roles of increasing responsibilities included management of financial planning, analysis and reporting, global credit and treasury services and Chief Financial Officer of Honeywell’s Transportation Systems, Turbo Technologies and Building Solutions divisions. Most recently, Mr. Tozier served as Vice President of Finance, Operations and Transformation of Honeywell International, Inc. Age: 46 Education: University of Michigan, MBA (Finance) University of Wisconsin-Madison, BBA (Accounting) Compensation/Salary:$368,205 Compensation Currency: USD
William B. Allen	Chief Accounting Officer, Vice President, Corporate Controller	Accounting Executive
Biography: Mr. William B. Allen, Jr., is Chief Accounting Officer, Vice President, Corporate Controller of Albemarle Corp. He was elected as Chief Accounting Officer on August 12, 2010 in addition to his previous appointment as Vice President and Corporate Controller on May 13, 2009. Mr. Allen had previously served as Company's Chief Financial Officer for Company's Catalysts and Fine Chemistry divisions from January 2006 until April 2009 and Corporate Controller from September 2003 until December 2005. Mr. Allen has held various other financial positions of increasing responsibility since joining the Company in May of 1994, including Director of Corporate Financial Planning and Analysis from July 2002 until September 2003 and Director of Finance for Company's European operations from April 1997 until June 2002. Age: 47
Lu Michelle View Email	Accounts Payable Regional Human Resources Manager	Accounting Executive
Alex Tucker View Email	Tax Accountant	Accounting Executive
Richard G Fishman	Vice President, Treasurer & Chief Tax Counsel	Corporate Tax Executive
Biography: Attorney Richard G. Fishman is Chief Tax Counsel, Vice President, Treasurer of Albemarle Corp., since February 18, 2009. He also served as the Company’s Interim Chief Financial Officer from August 30, 2010 until January 30, 2011. Mr. Fishman previously served as Vice President, Tax and Chief Tax Counsel. Before joining the Company in May of 2006, he served nearly 18 years with Honeywell International Inc. in various tax positions, most recently as Director of International Taxation & Associate General Tax Counsel. Age: 59 Education: Yale University, JD New York University School of Law, M (Law) Rutgers University, BA Compensation/Salary:$287,500 Compensation Currency: USD
Michael Lutgring View Email	Investment Banker	Investment Executive
Chip Bell View Email	Vice President-Compensation and Benefits	Benefits & Compensation Executive
John Leboeuf View Email	Compensation Manager	Benefits & Compensation Executive
Heather Gunn View Email	Human Resources Manager	Human Resources Executive
Susan Kelliher View Email	Senior Vice President - Human Resources	Human Resources Executive
Biography: Mrs. Susan Kelliher is Senior Vice President - Human Resources of Albemarle Corp., effective March 1, 2012. Ms. Kelliher most recently served as Vice President, Human Resources - Global Sales and Enterprise Marketing at Hewlett Packard where she led a team of 30 human resources professionals. Ms. Kelliher has experience in integration of acquisitions and workforce planning and has led a number of global organizations in her career. Originally from Texas, Mrs. Kelliher received a bachelor's degree from Rice University in 1987 and an MBA from the University of Texas in 1991. Education: University of Texas, MBA Rice University, BS
Isabelle Miesing View Email	Vice President of Human Resources	Human Resources Executive
Marita O'Dea	Senior Vice President Human Resources	Human Resources Executive
Biography: Marita ODea has been Senior Vice President Human Resources since September 2002. Ms. ODea served as Vice President Human Resources from June 2001 until September 2002. Also Ms. ODea has served as Senior Vice President of Human Resources of Neiman Marcus Stores since 1995.
Darian K Rich View Email	Vice President Human Resources	Human Resources Executive
Age: 49
Sandra Rodriguez View Email	Human Resources	Human Resources Executive
Rebecca Simoneaux View Email	Human Resources Manager	Human Resources Executive
Jahleel Stewart View Email	Manager Human Resources and Employee Training	Human Resources Executive
Juanetta White View Email	Human Resources Manager	Human Resources Executive
Jeff Brantley View Email	Customer Service Manager	Customer Service Executive
Ariel Cabezon	Manager of Client Architecture	Customer Service Executive
Duncan Johnson View Email	Director, Customer & Sales Support	Customer Service Executive
Joe Miller	Advisor-Customer Technical Service	Customer Service Executive
Jim Chapman View Email	Account Manager Refining Catalyst	Sales Executive
Kim Cupples View Email	Senior Technical Sales Representative	Sales Executive
Lauren Freeman	Sales Specialist-Fine Chemicals	Sales Executive
Kurt Hoeprich View Email	Account Manager	Sales Executive
Donna Leblanc View Email	Sales Support Coordinator	Sales Executive
Steve Mattox View Email	Sales Manager, Performance Chemicals	Sales Executive
Teck Pang View Email	Sales Support Specialist	Sales Executive
Dennis Pogar View Email	Sales Assoc	Sales Executive
Nennette Richard-Jordan View Email	Senior Account Manager	Sales Executive
Sam Wells View Email	Senior Strategic Account Manager	Sales Executive
Andy Zeiler View Email	Vice President of Research and Development	Sales Executive
Pal Arjunan View Email	Global Business Development Director	International Executive
Ray Dawson	Global Director, Product Advocacy	International Executive
Bill Dumas	Director of Global Purchasing and Logistics	International Executive
Walter Ilg View Email	Director Global Logistics	International Executive
Kimberly Maxwell	Global Research and Development Tech Lead	International Executive
Anthony S. Parnell	Vice President, Global Supply Chain	International Executive
Biography: Mr. Anthony S. Parnell is Vice President - Global Supply Chain of Albemarle Corp., since March 1, 2012. Mr. Parnell previously served as Vice President, Polymer Solutions since May 2009, Vice President, Global Sales, Service and Operations Planning since January 2007, Vice President, Americas Sales Operations since 2002, and as Managing Director of Company's European operations from 1996 until 2002. He previously served in various commercial leadership positions at the Company and Ethyl Corporation since 1982. Age: 52 Education: Mississippi State University, Bachelor's (Chemical Engineering)
Todd Aplin View Email	Manager Research and Development	Marketing Executive
Jeremy Diamond View Email	Instrumentation Design Supervisor	Marketing Executive
Brandi Narez View Email	Marketing Communication	Marketing Executive
Ray Summers View Email	Instrumentation Design Supervisor	Marketing Executive
Lorin Crenshaw View Email	Director of Investor Relations and Communications	Corporate Communications Executive
Education: Florida A&M University, BBA (Finance) Columbia University, MBA
Ashley Mendoza View Email	Strategic Communications Manager	Corporate Communications Executive
Caroline Hardie View Email	Investor Relations Associate	Investor Relations Executive
Allyson Ponsock View Email	Investor Relations Associate	Investor Relations Executive
Randy Andrews View Email	Plant Manager	Information Executive
Ernest Ayala View Email	Information Technology Director	Information Executive
Dawn Byrd View Email	Information Technology Sap	Information Executive
Bernard Hairston View Email	Public Information Director	Information Executive
Jenny Hebert View Email	Information Management Manager	Information Executive
Randall Ledoux	Information Technology	Information Executive
Randall Leonpacher View Email	Information Technology Professional	Information Executive
Lee Lusker View Email	Information Technology Director	Information Executive
Sarah Marshik View Email	Information Technology Manager	Information Executive
Todd Smith View Email	Information Technology Manager	Information Executive
Mariela Stein View Email	Patent Information Coordinator	Information Executive
Brie Willoz View Email	Information Technology	Information Executive
Sal Denova View Email	Senior Systems Analyst	Network Management Executive
Quinn Strickland View Email	Network Administrator	Network Management Executive
Joseph Coury View Email	Lab Director	Engineering/Technical Executive
Gary Donnor View Email	Process Control Engineer	Engineering/Technical Executive
Larry East View Email	Director Corporate Engineering	Engineering/Technical Executive
Bill Flanagan View Email	Engineer	Engineering/Technical Executive
Keitt Hane View Email	Engineer	Engineering/Technical Executive
Robert Pierpoline View Email	Plant Engineering Manager	Engineering/Technical Executive
Brett Sakahara View Email	Lab Supervisor	Engineering/Technical Executive
Gary Sharp View Email	Process Engineer	Engineering/Technical Executive
Sandy Mcfarland View Email	Telecommunication Specialist	Telecommunications Executive
Kenneth Bruno View Email	Research and Development Manager	Research & Development Executive
David Bugg View Email	Research and Development	Research & Development Executive
Scott Martin View Email	Vice President, Fine Chemistry	Research & Development Executive
Biography: Mr. Scott A. Martin has been appointed as Vice President - Fine Chemistry of Albemarle Corp., since March 1, 2012. Mr. Martin joined Albemarle in 2001 through the acquisition of custom and fine chemicals company, ChemFirst Fine Chemicals, and subsequently consolidated the company’s agricultural and pharmaceutical products into the Fine Chemistry Services division. Four years later, he became Division Vice President of Polyolefin Catalysts (now re-named Performance Catalyst Solutions) where he served until he assumed responsibility for the Fluid Catalytic Cracking (FCC) Catalysts and Additives division in 2007. From 2009 until February 2012 he served as Division Vice President, Hydroprocessing Catalysts. Age: 54
Brian Carter View Email	Product Manager	Product Management Executive
Dhiraj Sood View Email	Product Manager-New Business Development	Product Management Executive
Luvelle Brown View Email	Development Director	Business Development Executive
Michael Wilhelm View Email	Director-Corporate Business Development	Business Development Executive
Zhao Gary View Email	Commercial Development Manager	Commercial Executive
Steven P Dennis	Senior Vice President Strategy Business	Planning Executive
Biography: Steven P. Dennis has been Senior Vice President of Strategy Business Development and Multi-Channel Marketing since September 2004. Prior to joining us Mr. Dennis served as Vice President Corporate Strategy of Sears Roebuck and Co. from 2001 until 2003. In 2002 he assumed the additional responsibility for Lands End post-acquisition initiatives. From September 1999 to February 2001 he served as Sears Vice President Multichannel Integration.
Michael Brown View Email	Site Compliance Manager	Legal Executive
Nicole C. Daniel View Email	Chief Compliance Officer, Vice President, Deputy General Counsel	Legal Executive
Biography: Ms. Nicole C. Daniel is Chief Compliance Officer, Vice President, Deputy General Counsel of Albemarle Corp. Ms. Daniel has also held the positions of Assistant Corporate Secretary, Corporate Secretary and Director, Investor Relations at Albemarle. Ms. Daniel joined Albemarle in November 2002 as Associate Counsel. In March 2010, Ms. Daniel assumed the role of Chief Compliance Officer, where she oversees the Company’s global corporate compliance initiatives. Age: 43 Education: Indiana University College of William and Mary, BA (Government)
Ronald Roy Gardner View Email	Vice President - Proprietary Technology	Legal Executive
Biography: Mr. Ronald Roy Gardner is Vice President of Albemarle Corp., since March 1, 2012. Mr. Gardner previously served as Vice President, Fine Chemistry since January 2007, as Divisional Vice President, Performance Chemicals since 2002, and Business Director, Bromine and Derivatives including Jordan Bromine start up and integration since 2001. Previously, he worked in research and development, manufacturing, international distribution, project management, and international business management (including a five-year assignment in Europe) since joining the Company and Ethyl Corporation in May 1973. Age: 60 Education: Louisiana State University, MS (Chemical Engineering) Mississippi State University, BS (Chemical Engineering)
Scott Gerhardt	Attorney	Legal Executive
Marcy Hoefling	Attorney	Legal Executive
James Jubinsky View Email	Attorney	Legal Executive
Richard Sabalot	Attorney	Legal Executive
Ronald C. Zumstein	Vice President - Manufacturing	Manufacturing Executive
Biography: Dr. Ronald C. Zumstein is Vice President - Manufacturing of Albemarle Corp., since March 15, 2010. He served as Vice President, Manufacturing Operations effective March 31, 2008. Dr. Zumstein previously served as Vice President of Health, Safety and Environment and Vice President of Manufacturing for Polymer Solutions division. Dr. Zumstein previously held various positions of increasing responsibility since joining the Company and Ethyl Corporation in 1987, including serving as Plant Manager at several of U.S. manufacturing locations. Age: 50 Education: North Carolina State University, PHD (Chemical Engineering) University of Tennessee, Knoxville, BS (Chemical Engineering)
Brian Davenport View Email	Logistics Analyst	Logistics Executive
Jedd Johnson View Email	Logistics Analyst	Logistics Executive
Ken Hagaman View Email	Director Real Estate Services	Facilities Executive
Diane Behrens View Email	Purchasing Manager	Purchasing Executive
Kevin Campbell View Email	Purchasing Manager	Purchasing Executive
Keith Henry View Email	Strategic Supply Management	Purchasing Executive
Gary Ragan View Email	Strategic Supply Associate	Purchasing Executive
Eric Stratmann View Email	Strategic Supply Manager	Purchasing Executive
Tommy Bennett View Email	Emergency Preparedness Director	Emergency Services
Nelson A Bangs	Senior Vice President	Other
Biography: Nelson A. Bangs has been Senior Vice President and General Counsel since April 2001. From January 1999 to April 2001 Mr. Bangs engaged in a private consulting and law practice; from April 1998 until January 1999 he served as Senior Vice President and General Counsel of Pillowtex Corporation; and he served as Senior Vice President General Counsel and Secretary of Dr Pepper/Seven Up Inc. (and predecessors) prior thereto.
Wanda Bell View Email	Desktop Services Group	Other
Bruce Benson View Email	Assistant Superintendent	Other
Heath Brashier View Email	Enterprise Applications	Other
Pierre Brazeau View Email	Senior Sales Associate Fine Chemistry Services	Other
Jeffrey Broeker View Email	Area 2 Superintendent	Other
Darrell Broussard View Email	Corporate Performance Management Analyst	Other
Kevin Castner View Email	Branch Manager	Other
Cindy Chustz View Email	Project Manager Sap	Other
David W. Clary View Email	Vice President, Chief Sustainability Officer	Other
Biography: Dr. David W. Clary is Vice President, Chief Sustainability Officer of Albemarle Corp., since July 1, 2008. Dr. Clary previously served as Division Vice President of Company's Fine Chemistry Services and Intermediates business from January 1, 2006 until July 2008. Since joining the Company and Ethyl Corporation in 1985, Dr. Clary served as Director of Fine Chemistry Research and Development, and in other positions in research and development, manufacturing, and business management. Age: 52 Education: Louisiana State University, Bachelor's (Chemical Engineering) Louisiana State University, Bachelor's (Chemical Engineering)
Veronica Craven View Email	Business Contact	Other
Dave Decuir View Email	Director, Fine Chemistry Services	Other
Cyndi Deshotels View Email	Cpm Director	Other
Hannah Ely View Email	Staffing	Other
Jeremy Fisher	Business Intelligence Architect	Other
Pat Grider View Email	Process Controls Advisor	Other
Marcia Hardy View Email	Toxicology Professional	Other
Niomi Krzystowczyk	Division Vice President-Health, Safety & Enviroment	Other
Biography: Dr. Niomi Krzystowczyk was promoted to Vice President of Albemarles Health Safety and Environment division in March 2008. Dr. Krzystowczyk joined our company in 1991. Previously Dr. Krzystowczyk served as Director of Corporate Product Stewardship Corporate Risk Management and Sustainability for Albemarles HS&E division. >Download biography Education: University of Alabama, bachelor's (Chemical Engineering) Vanderbilt University, doctorate Vanderbilt University, master's
Hal Lancon View Email	Corporate Ih	Other
Tim Matt View Email	Sap Im, Wm, Pp Team Lead	Other
Theo Moons View Email	Manager	Other
Lee Navarro	Notes Developer	Other
Rodney Nijoka View Email	Manager of Corporate Performance	Other
Dave Owens View Email	Director, R & D	Other
John Parks View Email	Director of Fine Chemistry Services	Other
Ryan Roussel View Email	Mdu S Supervisor	Other
R Schwertfeger View Email	Lieutenant	Other
Milan R. Shah	Vice President - Mergers and Acquisitions	Other
Biography: Mr. Milan R. Shah is Vice President - Mergers and Acquisitions of Albemarle Corp., since March 1, 2012. Mr. Shah previously served as Vice President, Business Development since February 2009. Before joining the Company in December 2008, Mr. Shah was with Deutsche Bank Securities, Inc. as a senior investment banker within its chemical industry advisory practice. While at Deutsche Bank, he worked with many of the companies in the chemical industry, including Albemarle, on financings, portfolio management, merger and acquisition execution and strategy development. Age: 36
Anthony Skufca View Email	Process Development	Other
Kristen Stremlau View Email	Fine Chemicals	Other
Hardin Wells View Email	Senior Advisor	Other
John Zoller View Email	Scrm Project Manager Catalyst	Other

Significant Developments

Albemarle Corp Announces Quarterly Dividend

Oct 09, 2012

Albemarle Corp announced that it has declared a quarterly dividend of $0.20 per share. The dividend is payable January 1, 2013, to shareholders of record at the close of business as of December 14, 2012.

Albemarle Corporation Announces Quarterly Dividend

Jul 12, 2012

Albemarle Corporation announced that it declared a quarterly dividend of $0.20 per share. The dividend is payable October 1, 2012, to shareholders of record at the close of business as of September 15, 2012.

Albemarle Corporation Announces Quarterly Dividend

May 09, 2012

Albemarle Corporation announced that its Board of Directors declared a quarterly dividend of $0.20 per share. The dividend is payable July 1, 2012, to shareholders of record at the close of business as of June 15, 2012.

Albemarle Corporation Promotes John Steitz To President

Feb 27, 2012

Albemarle Corporation announced that John Steitz has been elected President and Chief Operating Officer (COO) of the Company, effective March 1, 2012.

Albemarle Corporation Announces 14% Increase In Quarterly Dividend

Feb 15, 2012

Albemarle Corporation announced that it increased the quarterly dividend to $0.20 per share from $0.175 paid last quarter. The dividend is payable April 1, 2012 to shareholders of record at the close of business March 15, 2012.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	2,869.0	2,362.8	2,005.4	2,467.1	2,336.2
Revenue	2,869.0	2,362.8	2,005.4	2,467.1	2,336.2
Total Revenue	2,869.0	2,362.8	2,005.4	2,467.1	2,336.2
Cost of Revenue	1,891.9	1,616.8	1,521.5	1,859.4	1,713.7
Cost of Revenue, Total	1,891.9	1,616.8	1,521.5	1,859.4	1,713.7
Gross Profit	977.1	745.9	483.9	607.7	622.5
Selling/General/Administrative Expense	312.1	265.7	212.6	255.1	245.0
Total Selling/General/Administrative Expenses	312.1	265.7	212.6	255.1	245.0
Research & Development	77.1	58.4	60.9	67.3	62.7
Restructuring Charge	0.0	7.0	11.6	25.8	0.0
Other Unusual Expense (Income)	0.0	0.0	12.4	38.5	4.9
Unusual Expense (Income)	0.0	7.0	24.0	64.3	4.9
Total Operating Expense	2,281.2	1,947.9	1,819.1	2,246.2	2,026.3
Operating Income	587.8	414.8	186.3	220.9	309.9
Interest Expense - Non-Operating	-37.6	-25.5	-24.6	-38.2	-38.3
Interest Expense, Net Non-Operating	-37.6	-25.5	-24.6	-38.2	-38.3
Investment Income - Non-Operating	-	-	-	-	3.0
Interest/Investment Income - Non-Operating	-	-	-	-	3.0
Interest Income (Expense) - Net Non-Operating Total	-37.6	-25.5	-24.6	-38.2	-35.3
Other Non-Operating Income (Expense)	0.4	2.8	-1.4	0.6	3.3
Other, Net	0.4	2.8	-1.4	0.6	3.3
Income Before Tax	550.6	392.1	160.3	183.3	277.8
Total Income Tax	130.0	92.7	-7.0	-6.5	55.1
Income After Tax	420.6	299.4	167.3	189.9	222.7
Minority Interest	-28.1	-13.6	-11.3	-18.8	-17.6
Equity In Affiliates	43.8	38.0	22.3	23.1	24.6
Net Income Before Extraord Items	436.3	323.7	178.4	194.2	229.7
Net Income	436.3	323.7	178.4	194.2	229.7
Income Available to Common Excl Extraord Items	436.3	323.7	178.4	194.2	229.7
Income Available to Common Incl Extraord Items	436.3	323.7	178.4	194.2	229.7
Basic/Primary Weighted Average Shares	90.5	91.4	91.5	91.7	95.5
Basic EPS Excl Extraord Items	4.82	3.54	1.95	2.12	2.41
Basic/Primary EPS Incl Extraord Items	4.82	3.54	1.95	2.12	2.41
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	436.3	323.7	178.4	194.2	229.7
Diluted Weighted Average Shares	91.5	92.2	92.0	92.7	97.4
Diluted EPS Excl Extraord Items	4.77	3.51	1.94	2.09	2.36
Diluted EPS Incl Extraord Items	4.77	3.51	1.94	2.09	2.36
Dividends per Share - Common Stock Primary Issue	0.67	0.56	0.50	0.48	0.42
Gross Dividends - Common Stock	60.5	51.2	45.8	43.8	40.1
Interest Expense, Supplemental	37.6	25.5	24.6	38.2	38.3
Interest Capitalized, Supplemental	-2.4	-1.1	-1.2	-1.0	-4.5
Depreciation, Supplemental	83.6	82.5	87.3	97.4	93.0
Total Special Items	0.0	7.0	24.0	64.3	4.9
Normalized Income Before Tax	550.6	399.1	184.3	247.7	282.8
Effect of Special Items on Income Taxes	0.0	1.6	8.4	22.5	1.0
Inc Tax Ex Impact of Sp Items	130.0	94.4	1.4	16.0	56.1
Normalized Income After Tax	420.6	304.7	182.9	231.7	226.7
Normalized Inc. Avail to Com.	436.3	329.0	194.0	236.0	233.7
Basic Normalized EPS	4.82	3.60	2.12	2.58	2.45
Diluted Normalized EPS	4.77	3.57	2.11	2.54	2.40
Amort of Intangibles, Supplemental	13.1	13.1	13.2	14.3	13.9
Rental Expenses	30.9	29.0	27.3	30.7	26.2
Research & Development Exp, Supplemental	77.1	58.4	60.9	67.3	62.7
Reported Gross Profit	977.1	745.9	483.9	607.7	622.5
Reported Operating Profit	587.8	414.8	186.3	220.9	309.9
Normalized EBIT	587.8	421.8	210.3	285.3	314.8
Normalized EBITDA	684.5	517.4	310.8	397.0	421.7
Current Tax - Domestic	82.4	14.6	-23.9	-17.2	39.5
Current Tax - Foreign	28.2	25.8	14.4	22.9	23.4
Current Tax - Local	4.8	5.2	0.8	-0.3	1.3
Current Tax - Total	115.3	45.6	-8.7	5.5	64.2
Deferred Tax - Domestic	1.6	57.2	29.6	-0.8	2.0
Deferred Tax - Foreign	12.2	-9.4	-29.2	-10.4	-11.7
Deferred Tax - Local	0.9	-0.7	1.3	-0.9	0.6
Deferred Tax - Total	14.7	47.1	1.7	-12.0	-9.1
Income Tax - Total	130.0	92.7	-7.0	-6.5	55.1
Interest Cost - Domestic	30.9	29.9	30.6	29.5	27.2
Service Cost - Domestic	11.2	9.6	8.5	9.9	9.4
Prior Service Cost - Domestic	-1.0	-1.0	-1.0	-1.1	-1.1
Expected Return on Assets - Domestic	-48.2	-41.6	-42.1	-41.8	-38.7
Actuarial Gains and Losses - Domestic	24.9	16.2	11.4	8.6	12.5
Transition Costs - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	17.8	13.1	7.5	5.2	9.3
Interest Cost - Foreign	2.0	1.9	2.4	2.1	1.9
Service Cost - Foreign	1.7	1.7	2.0	2.3	2.5
Prior Service Cost - Foreign	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets - Foreign	-0.4	-0.3	-0.3	-0.3	-0.2
Actuarial Gains and Losses - Foreign	1.2	1.2	0.9	-0.8	-0.7
Curtailments & Settlements - Foreign	-	0.0	0.0	-1.4	0.0
Foreign Pension Plan Expense	4.5	4.5	5.1	2.0	3.6
Interest Cost - Post-Retirement	3.4	3.6	3.8	3.3	3.9
Service Cost - Post-Retirement	0.3	0.4	0.4	0.4	0.6
Prior Service Cost - Post-Retirement	2.4	-1.7	-7.6	-9.6	-3.9
Expected Return on Assets - Post-Retir.	-0.5	-0.5	-0.6	-0.6	-0.6
Actuarial Gains and Losses - Post-Retir.	2.4	1.7	1.1	0.4	0.5
Curtailments & Settlements - Post-Retir.	-	-	0.0	0.0	-2.1
Post-Retirement Plan Expense	8.0	3.4	-2.8	-6.1	-1.5
Defined Contribution Expense - Domestic	4.5	3.9	3.5	3.4	3.0
Defined Contribution Expense - Foreign	0.3	0.4	0.4	0.6	0.6
Total Pension Expense	35.1	25.3	13.6	5.2	14.9
Discount Rate - Domestic	5.45%	5.77%	6.45%	6.39%	5.78%
Discount Rate - Post-Retirement	5.30%	5.70%	6.55%	6.40%	5.81%
Expected Rate of Return - Domestic	8.25%	8.19%	8.69%	8.71%	8.71%
Expected Rate of Return - Post-Retir.	7.00%	7.00%	7.00%	7.00%	7.00%
Compensation Rate - Domestic	4.11%	3.90%	4.11%	4.10%	3.62%
Compensation Rate - Post-Retirement	4.00%	4.00%	4.25%	4.25%	3.75%
Total Plan Interest Cost	36.3	35.4	36.7	35.0	33.0
Total Plan Service Cost	13.1	11.7	11.0	12.7	12.5
Total Plan Expected Return	-49.2	-42.5	-42.9	-42.6	-39.5

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	469.4	529.7	308.8	253.3	130.6
Cash and Short Term Investments	469.4	529.7	308.8	253.3	130.6
Accounts Receivable - Trade, Gross	358.1	343.4	296.4	282.5	371.5
Provision for Doubtful Accounts	-2.7	-2.5	-2.3	-1.9	-0.8
Trade Accounts Receivable - Net	355.4	340.9	294.2	280.6	370.7
Other Receivables	44.5	44.0	42.7	66.9	65.3
Total Receivables, Net	399.9	384.9	336.9	347.5	435.9
Inventories - Finished Goods	311.9	279.4	241.1	395.9	348.3
Inventories - Raw Materials	74.8	66.6	63.0	95.6	73.6
Inventories - Other	44.8	43.2	43.4	47.3	51.0
Total Inventory	431.5	389.2	347.5	538.9	472.8
Prepaid Expenses	45.5	39.7	29.6	19.2	15.8
Deferred Income Tax - Current Asset	9.4	4.7	9.3	20.0	8.9
Other Current Assets, Total	9.4	4.7	9.3	20.0	8.9
Total Current Assets	1,355.6	1,348.2	1,032.1	1,178.9	1,064.0
Buildings	186.4	204.9	196.5	183.6	186.7
Land/Improvements	109.4	104.4	100.6	99.0	102.9
Machinery/Equipment	1,614.8	1,545.1	1,537.8	1,491.4	1,523.1
Construction in Progress	142.1	58.2	42.4	71.3	48.9
Leases	566.6	527.6	528.8	477.7	453.0
Property/Plant/Equipment - Gross	2,619.4	2,440.2	2,406.1	2,323.0	2,314.5
Accumulated Depreciation	-1,489.9	-1,433.9	-1,379.2	-1,310.6	-1,276.0
Property/Plant/Equipment - Net	1,129.5	1,006.3	1,026.9	1,012.3	1,038.5
Goodwill, Net	273.1	272.2	292.7	278.8	270.2
Intangibles - Gross	237.5	229.6	224.9	228.1	199.2
Accumulated Intangible Amortization	-107.2	-94.9	-74.3	-61.1	-27.9
Intangibles, Net	130.3	134.8	150.5	167.0	171.4
LT Investment - Affiliate Companies	180.4	160.8	126.5	106.2	110.4
LT Investments - Other	18.0	19.9	19.6	15.8	17.7
Long Term Investments	198.4	180.7	146.1	122.0	128.2
Note Receivable - Long Term	21.8	12.3	14.9	39.9	50.7
Pension Benefits - Overfunded	-	-	-	0.0	67.3
Deferred Income Tax - Long Term Asset	51.0	64.6	73.7	50.8	26.9
Other Long Term Assets	44.1	49.0	34.7	23.0	23.9
Other Long Term Assets, Total	95.1	113.6	108.3	73.8	118.1
Total Assets	3,203.8	3,068.1	2,771.6	2,872.7	2,841.0
Accounts Payable	184.5	175.2	170.3	224.3	198.8
Accrued Expenses	156.4	128.8	122.4	170.5	155.4
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	14.4	9.0	36.3	26.2	16.6
Dividends Payable	15.2	12.5	11.0	9.7	8.2
Customer Advances	18.8	14.9	10.8	-	-
Income Taxes Payable	11.8	23.8	2.4	7.6	34.5
Other Current liabilities, Total	45.9	51.2	24.2	17.3	42.7
Total Current Liabilities	401.2	364.2	353.3	438.4	413.5
Long Term Debt	747.3	846.1	776.4	906.1	707.3
Capital Lease Obligations	2.0	5.9	-	-	-
Total Long Term Debt	749.3	851.9	776.4	906.1	707.3
Total Debt	763.7	860.9	812.7	932.3	723.9
Deferred Income Tax - LT Liability	77.9	109.6	81.4	74.8	107.1
Deferred Income Tax	77.9	109.6	81.4	74.8	107.1
Minority Interest	87.6	59.7	47.6	50.7	54.4
Pension Benefits - Underfunded	200.4	172.1	216.5	194.2	100.3
Other Long Term Liabilities	96.2	94.6	90.7	142.8	180.2
Other Liabilities, Total	296.7	266.7	307.1	337.0	280.5
Total Liabilities	1,612.5	1,652.0	1,565.9	1,806.9	1,562.7
Common Stock	0.9	0.9	0.9	0.9	0.9
Common Stock	0.9	0.9	0.9	0.9	0.9
Additional Paid-In Capital	15.2	18.8	8.7	0.0	154.5
Retained Earnings (Accumulated Deficit)	1,798.1	1,560.5	1,288.0	1,165.5	1,023.0
Other Comprehensive Income	-222.9	-164.2	-91.9	-100.6	99.9
Other Equity, Total	-222.9	-164.2	-91.9	-100.6	99.9
Total Equity	1,591.3	1,416.1	1,205.7	1,065.8	1,278.3
Total Liabilities & Shareholders’ Equity	3,203.8	3,068.1	2,771.6	2,872.7	2,841.0
Shares Outstanding - Common Stock Primary Issue	88.8	91.6	91.5	91.0	94.7
Total Common Shares Outstanding	88.8	91.6	91.5	91.0	94.7
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	4,260	4,020	3,950	4,130	4,130
Number of Common Shareholders	3,404	3,555	3,798	3,469	4,065
Accumulated Intangible Amort, Suppl.	107.2	94.9	74.3	61.1	27.9
Deferred Revenue - Current	18.8	14.9	10.8	-	-
Deferred Revenue - Long Term	14.9	14.2	14.1	-	-
Total Long Term Debt, Supplemental	764.6	858.3	803.0	932.3	723.9
Long Term Debt Maturing within 1 Year	12.4	5.1	32.6	26.2	16.6
Long Term Debt Maturing in Year 2	12.7	10.7	5.1	11.1	9.5
Long Term Debt Maturing in Year 3	6.0	153.4	5.4	9.0	8.6
Long Term Debt Maturing in Year 4	327.1	6.0	420.9	7.4	9.1
Long Term Debt Maturing in Year 5	50.4	327.1	6.0	539.6	335.4
Long Term Debt Maturing in 2-3 Years	18.7	164.0	10.5	20.1	18.1
Long Term Debt Maturing in 4-5 Years	377.4	333.1	426.9	547.0	344.5
Long Term Debt Matur. in Year 6 & Beyond	356.0	356.1	333.0	339.0	344.7
Interest Costs	-0.1	-0.6	-1.3	-2.1	-3.3
Total Capital Leases, Supplemental	2.0	5.9	9.7	13.0	16.7
Capital Lease Payments Due in Year 1	2.2	4.3	4.4	4.3	4.4
Capital Lease Payments Due in Year 2	0.0	2.2	4.4	4.3	4.4
Capital Lease Payments Due in Year 3	0.0	0.0	2.2	4.3	4.4
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	2.2	4.4
Capital Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	2.2
Capital Lease Payments Due in 2-3 Years	0.0	2.2	6.6	8.6	8.9
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.0	2.2	6.7
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	31.8	36.1	41.1	48.6	50.1
Operating Lease Payments Due in Year 1	8.3	8.7	9.4	9.3	10.1
Operating Lease Payments Due in Year 2	5.1	6.1	6.4	7.3	6.8
Operating Lease Payments Due in Year 3	3.5	4.0	4.3	5.1	5.5
Operating Lease Payments Due in Year 4	2.7	2.8	2.9	3.8	3.9
Operating Lease Payments Due in Year 5	2.1	2.3	2.6	2.6	3.0
Operating Lease Pymts. Due in 2-3 Years	8.6	10.1	10.8	12.5	12.3
Operating Lease Pymts. Due in 4-5 Years	4.8	5.2	5.5	6.3	6.9
Oper. Lse. Pymts. Due in Year 6 & Beyond	10.1	12.2	15.5	20.5	20.8
Pension Obligation - Domestic	634.2	573.0	526.5	479.1	466.9
Pension Obligation - Foreign	40.5	40.9	44.4	39.0	-
Post-Retirement Obligation	68.9	66.4	65.7	59.3	54.4
Plan Assets - Domestic	522.4	499.0	410.0	360.6	506.6
Plan Assets - Foreign	8.7	8.1	7.1	5.5	-
Plan Assets - Post-Retirement	7.7	8.0	8.2	8.8	8.7
Funded Status - Domestic	-111.8	-74.0	-116.4	-118.5	39.8
Funded Status - Foreign	-31.8	-32.8	-37.3	-33.5	-
Funded Status - Post-Retirement	-61.3	-58.5	-57.5	-50.5	-45.7
Accumulated Obligation - Domestic	657.0	598.6	554.1	495.5	-
Accumulated Obligation - Post-Retirement	68.9	66.4	65.7	59.3	54.4
Total Funded Status	-204.8	-165.3	-211.3	-202.6	-5.9
Discount Rate - Domestic	5.07%	5.45%	5.86%	6.45%	6.39%
Discount Rate - Post-Retirement	5.10%	5.30%	5.70%	6.55%	6.40%
Compensation Rate - Domestic	4.11%	4.11%	4.11%	4.03%	4.08%
Compensation Rate - Post-Retirement	4.00%	4.00%	4.00%	4.25%	4.25%
Prepaid Benefits - Domestic	-	-	-	0.0	67.3
Accrued Liabilities - Domestic	-111.8	-74.0	-116.4	-118.5	-27.5
Accrued Liabilities - Foreign	-31.8	-32.8	-37.3	-33.5	-4.6
Accrued Liabilities - Post-Retirement	-61.3	-58.5	-57.5	-50.5	-45.7
Other Assets, Net - Domestic	413.7	343.1	328.0	302.4	118.1
Other Assets, Net - Post-Retirement	19.2	17.6	3.7	3.7	-10.4
Net Assets Recognized on Balance Sheet	228.1	195.4	120.4	103.5	97.2
Debt Securities % - Domestic	24.40%	-	15.00%	11.00%	10.00%
Debt Securities % - Post-Retirement	100.00%	-	100.00%	100.00%	100.00%
Total Plan Obligations	743.6	680.3	636.6	577.5	521.3
Total Plan Assets	538.8	515.0	425.3	374.9	515.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	464.4	337.4	189.6	213.0	247.3
Depreciation	96.8	95.6	100.5	111.7	106.9
Depreciation/Depletion	96.8	95.6	100.5	111.7	106.9
Deferred Taxes	14.7	47.1	1.7	-12.0	-9.1
Unusual Items	0.0	7.0	24.0	64.3	4.9
Equity in Net Earnings (Loss)	-43.8	-38.0	-22.3	-23.1	-24.6
Other Non-Cash Items	6.9	-36.5	-17.3	-1.3	10.8
Non-Cash Items	-36.9	-67.5	-15.6	39.9	-8.8
Accounts Receivable	-16.4	-57.4	1.3	90.5	11.2
Inventories	-41.7	-58.6	180.1	-87.9	-70.6
Other Assets	4.5	-14.5	-5.0	-14.2	-13.9
Accounts Payable	-12.0	13.5	-53.5	33.5	-12.6
Accrued Expenses	28.2	35.8	-18.7	-30.2	6.9
Other Liabilities	-1.2	2.4	-4.6	-4.8	-7.2
Other Assets & Liabilities, Net	-0.7	2.2	-34.0	-15.8	9.0
Other Operating Cash Flow	-12.2	-4.5	16.7	3.6	-12.7
Changes in Working Capital	-51.6	-81.2	82.3	-25.4	-89.9
Cash from Operating Activities	487.4	331.3	358.5	327.2	246.4
Purchase of Fixed Assets	-190.6	-75.5	-100.8	-99.7	-98.7
Capital Expenditures	-190.6	-75.5	-100.8	-99.7	-98.7
Acquisition of Business	-13.2	-12.0	-4.0	-64.0	-17.9
Sale of Fixed Assets	-	0.0	0.0	6.0	0.0
Sale/Maturity of Investment	0.0	8.6	0.0	0.0	0.4
Investment, Net	1.7	0.7	-0.3	-3.3	-4.9
Purchase of Investments	-10.9	-1.3	0.0	-0.2	-0.1
Other Investing Cash Flow	0.0	-12.6	-16.4	-2.6	-11.7
Other Investing Cash Flow Items, Total	-22.4	-16.7	-20.8	-64.0	-34.2
Cash from Investing Activities	-212.9	-92.2	-121.6	-163.7	-132.9
Other Financing Cash Flow	4.7	1.0	-14.7	-24.8	1.4
Financing Cash Flow Items	4.7	1.0	-14.7	-24.8	1.4
Cash Dividends Paid - Common	-57.8	-49.6	-44.4	-42.3	-40.0
Total Cash Dividends Paid	-57.8	-49.6	-44.4	-42.3	-40.0
Repurchase/Retirement of Common	-178.1	-14.9	-5.8	-169.0	-101.2
Common Stock, Net	-178.1	-14.9	-5.8	-169.0	-101.2
Options Exercised	2.2	7.1	4.2	3.9	21.9
Issuance (Retirement) of Stock, Net	-175.9	-7.8	-1.7	-165.0	-79.3
Long Term Debt Issued	9.4	472.7	14.3	255.2	107.9
Long Term Debt Reduction	-109.6	-424.1	-134.3	-48.2	-133.5
Long Term Debt, Net	-100.2	48.5	-120.0	207.1	-25.6
Issuance (Retirement) of Debt, Net	-100.2	48.5	-120.0	207.1	-25.6
Cash from Financing Activities	-329.1	-7.9	-180.8	-25.0	-143.5
Foreign Exchange Effects	-5.5	-10.3	-0.6	-15.7	11.1
Net Change in Cash	-60.2	220.9	55.5	122.8	-18.9
Net Cash - Beginning Balance	529.7	308.8	253.3	130.6	149.5
Net Cash - Ending Balance	469.4	529.7	308.8	253.3	130.6
Cash Interest Paid	33.1	21.9	22.1	36.1	32.8
Cash Taxes Paid	123.3	34.8	14.8	44.6	40.3

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net sales	2,869.0	2,362.8	2,005.4	2,467.1	2,336.2
Total Revenue	2,869.0	2,362.8	2,005.4	2,467.1	2,336.2
Cost of Sales	1,891.9	1,616.8	1,521.5	1,859.4	1,713.7
Sell./Gen./Admin.	312.1	265.7	212.6	255.1	245.0
Research/Development	77.1	58.4	60.9	67.3	62.7
Port de Bouc Disposition Charge	0.0	0.0	12.4	38.5	0.0
Restructuring Charges	0.0	7.0	11.6	25.8	0.0
Dayton facility closure charge	-	-	0.0	0.0	4.9
Loss on Thann facility divestiture	-	-	-	0.0	0.0
Total Operating Expense	2,281.2	1,947.9	1,819.1	2,246.2	2,026.3
Interest/Finance	-37.6	-25.5	-24.6	-38.2	-38.3
Foreign currency gain	-	-	-	-	3.0
Other Income	0.4	2.8	-1.4	0.6	3.3
Net Income Before Taxes	550.6	392.1	160.3	183.3	277.8
Provision for Income Taxes	130.0	92.7	-7.0	-6.5	55.1
Net Income After Taxes	420.6	299.4	167.3	189.9	222.7
Minority Interest	-28.1	-13.6	-11.3	-18.8	-17.6
Equity in net income of unconsolidated i	43.8	38.0	22.3	23.1	24.6
Net Income Before Extra. Items	436.3	323.7	178.4	194.2	229.7
Net Income	436.3	323.7	178.4	194.2	229.7
Income Available to Com Excl ExtraOrd	436.3	323.7	178.4	194.2	229.7
Income Available to Com Incl ExtraOrd	436.3	323.7	178.4	194.2	229.7
Basic Weighted Average Shares	90.5	91.4	91.5	91.7	95.5
Basic EPS Excluding ExtraOrdinary Items	4.82	3.54	1.95	2.12	2.41
Basic EPS Including ExtraOrdinary Item	4.82	3.54	1.95	2.12	2.41
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	436.3	323.7	178.4	194.2	229.7
Diluted Weighted Average Shares	91.5	92.2	92.0	92.7	97.4
Diluted EPS Excluding ExtraOrd Items	4.77	3.51	1.94	2.09	2.36
Diluted EPS Including ExtraOrd Items	4.77	3.51	1.94	2.09	2.36
DPS-Common Stock	0.67	0.56	0.50	0.48	0.42
Gross Dividends - Common Stock	60.5	51.2	45.8	43.8	40.1
Normalized Income Before Taxes	550.6	399.1	184.3	247.7	282.8
Inc Tax Ex Impact of Sp Items	130.0	94.4	1.4	16.0	56.1
Normalized Income After Taxes	420.6	304.7	182.9	231.7	226.7
Normalized Inc. Avail to Com.	436.3	329.0	194.0	236.0	233.7
Basic Normalized EPS	4.82	3.60	2.12	2.58	2.45
Diluted Normalized EPS	4.77	3.57	2.11	2.54	2.40
Research & Development Exp	77.1	58.4	60.9	67.3	62.7
Interest Expense	37.6	25.5	24.6	38.2	38.3
Interest Capitalized	-2.4	-1.1	-1.2	-1.0	-4.5
Rental Expense	30.9	29.0	27.3	30.7	26.2
Depreciation	83.6	82.5	87.3	97.4	93.0
Amortization	13.1	13.1	13.2	14.3	13.9
Current Tax - Federal	82.4	14.6	-23.9	-17.2	39.5
Current Tax - State	4.8	5.2	0.8	-0.3	1.3
Current Tax - Foreign	28.2	25.8	14.4	22.9	23.4
Current Tax - Total	115.3	45.6	-8.7	5.5	64.2
Deferred Tax - Federal	1.6	57.2	29.6	-0.8	2.0
Deferred Tax - State	0.9	-0.7	1.3	-0.9	0.6
Deferred Tax - Foreign	12.2	-9.4	-29.2	-10.4	-11.7
Deferred Tax - Total	14.7	47.1	1.7	-12.0	-9.1
Income Tax - Total	130.0	92.7	-7.0	-6.5	55.1
Gross profit	977.1	745.9	483.9	607.7	622.5
Operating profit	587.8	414.8	186.3	220.9	309.9
Service Cost - Domestic	11.2	9.6	8.5	9.9	9.4
Interest Cost - Domestic	30.9	29.9	30.6	29.5	27.2
Expected Return on Assets - Domestic	-48.2	-41.6	-42.1	-41.8	-38.7
Amort. of Prior Service Cost - Domestic	-1.0	-1.0	-1.0	-1.1	-1.1
Amort. of Actuarial Gain/Loss - Domestic	24.9	16.2	11.4	8.6	12.5
Amort. of Transition Oblig. - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	17.8	13.1	7.5	5.2	9.3
Service Cost - Foreign	1.7	1.7	2.0	2.3	2.5
Interest Cost - Foreign	2.0	1.9	2.4	2.1	1.9
Expected Return on Assets - Foreign	-0.4	-0.3	-0.3	-0.3	-0.2
Curtailments & Settlements - Foreign	-	0.0	0.0	-1.4	0.0
Amort. of Prior Service Cost - Foreign	0.1	0.1	0.1	0.1	0.1
Amort. of Actuarial Gain/Loss - Foreign	1.2	1.2	0.9	-0.8	-0.7
Foreign Pension Plan Expense	4.5	4.5	5.1	2.0	3.6
Service Cost - Post-Retirement	0.3	0.4	0.4	0.4	0.6
Interest Cost - Post-Retirement	3.4	3.6	3.8	3.3	3.9
Expected Return on Assets - Post-Ret.	-0.5	-0.5	-0.6	-0.6	-0.6
Curtailments & Settlements - Post-Ret.	-	-	0.0	0.0	-2.1
Amort. of Prior Service Cost - Post-Ret.	2.4	-1.7	-7.6	-9.6	-3.9
Amortization of Loss - Post-Retirement	2.4	1.7	1.1	0.4	0.5
Post-Retirement Plan Expense	8.0	3.4	-2.8	-6.1	-1.5
Defined Contribution Plan - U.S.	4.5	3.9	3.5	3.4	3.0
Defined Contribution Plan - U.K.	0.3	0.4	0.4	0.6	0.6
Total Pension Expense	35.1	25.3	13.6	5.2	14.9
Discount Rate - Pension	5.45%	5.77%	6.45%	6.39%	5.78%
Expected Rate of Return - Pension	8.25%	8.19%	8.69%	8.71%	8.71%
Compensation Rate - Pension	4.11%	3.90%	4.11%	4.10%	3.62%
Discount Rate - Post-Retirement	5.30%	5.70%	6.55%	6.40%	5.81%
Expected Rate of Return - Post-Ret.	7.00%	7.00%	7.00%	7.00%	7.00%
Compensation Rate - Post-Retirement	4.00%	4.00%	4.25%	4.25%	3.75%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash/Equivalents	469.4	529.7	308.8	253.3	130.6
Gross Rcvbls.	358.1	343.4	296.4	282.5	371.5
Doubtful Account	-2.7	-2.5	-2.3	-1.9	-0.8
Other accounts receivable	36.2	33.8	35.0	47.2	54.7
Finished goods	311.9	279.4	241.1	395.9	348.3
Raw Materials	74.8	66.6	63.0	95.6	73.6
Stores, supplies and other	44.8	43.2	43.4	47.3	51.0
Deferred Taxes	9.4	4.7	9.3	20.0	8.9
Income tax receivables	8.3	10.3	7.7	19.8	10.6
Prepaid Expenses	45.5	39.7	29.6	19.2	15.8
Total Current Assets	1,355.6	1,348.2	1,032.1	1,178.9	1,064.0
Land	59.1	55.6	50.5	49.5	51.5
Land/Improvement	50.3	48.8	50.1	49.5	51.4
Buildings	186.4	204.9	196.5	183.6	186.7
Machinery/Equip.	1,552.6	1,484.5	1,478.7	1,432.4	1,464.5
Machinery & Equipment under Cap. Lease	542.0	502.9	504.1	453.0	428.3
Capital Lease Equipments	24.7	24.7	24.7	24.7	24.7
LT Mineral rights and prod. equip. costs	62.2	60.6	59.1	59.1	58.6
Const./Progress	142.1	58.2	42.4	71.3	48.9
Depreciation	-1,489.9	-1,433.9	-1,379.2	-1,310.6	-1,276.0
Joint Ventures	180.4	160.8	126.5	106.2	110.4
Investments	18.0	19.9	19.6	15.8	17.7
Deferred Tax	51.0	64.6	73.7	50.8	26.9
Income Tax Receivable	21.8	12.3	14.9	39.9	50.7
Other assets	44.1	49.0	34.7	23.0	23.9
Goodwill	273.1	272.2	292.7	278.8	270.2
Customer lists	100.1	100.5	95.7	94.2	86.4
Trademarks	45.4	44.8	44.8	44.8	42.4
Patents	46.0	44.6	42.0	42.0	40.7
Land use rights	8.1	7.3	4.3	6.6	5.9
Manufacturing contracts	13.8	12.1	12.5	14.0	12.5
Other	24.2	20.3	3.4	8.4	3.4
Mil spec approvals	-	-	6.6	4.3	4.3
Noncompete agreements	-	-	3.6	3.6	3.5
Licenses	-	-	0.1	0.1	0.1
Accmulated Foreign Exchange	-	-	11.8	9.9	-
Accumulated Amortization	-107.2	-94.9	-74.3	-61.1	-27.9
Pension Benefits	-	-	-	0.0	67.3
Total Assets	3,203.8	3,068.1	2,771.6	2,872.7	2,841.0
Accounts Payable	184.5	175.2	170.3	224.3	198.8
Cur. Port. LTD	14.4	9.0	36.3	26.2	16.6
Employee benefits, payroll and related t	67.7	49.0	39.5	-	-
Deferred revenue	18.8	14.9	10.8	-	-
Accrued Expenses	88.7	79.8	82.9	170.5	155.4
Dividends payable	15.2	12.5	11.0	9.7	8.2
Income taxes payable	11.8	23.8	2.4	7.6	34.5
Total Current Liabilities	401.2	364.2	353.3	438.4	413.5
Long-term debt	747.3	846.1	776.4	906.1	707.3
Capital lease obligation	2.0	5.9	-	-	-
Total Long Term Debt	749.3	851.9	776.4	906.1	707.3
Postretirement benefits	57.6	55.0	53.9	47.8	43.2
Pension Benefits	128.0	102.8	148.5	146.4	57.1
Income tax payable	30.7	21.9	22.3	81.3	107.2
Executive deferred compensation plan obl	16.8	17.8	16.9	-	-
Deferred revenue	11.4	13.9	16.4	-	-
Asset retirement obligation	14.9	14.2	14.1	-	-
Other noncurrent liabilities	37.4	41.0	35.1	61.5	73.0
Minority Interest	87.6	59.7	47.6	50.7	54.4
Deferred income taxes	77.9	109.6	81.4	74.8	107.1
Total Liabilities	1,612.5	1,652.0	1,565.9	1,806.9	1,562.7
Common stock	0.9	0.9	0.9	0.9	0.9
Additional paid in capital	15.2	18.8	8.7	0.0	154.5
Accumulated other comprehensive (loss) i	-222.9	-164.2	-91.9	-100.6	99.9
Retained earnings	1,798.1	1,560.5	1,288.0	1,165.5	1,023.0
Total Equity	1,591.3	1,416.1	1,205.7	1,065.8	1,278.3
Total Liabilities & Shareholders' Equity	3,203.8	3,068.1	2,771.6	2,872.7	2,841.0
S/O-Common Stock	88.8	91.6	91.5	91.0	94.7
Total Common Shares Outstanding	88.8	91.6	91.5	91.0	94.7
T/S-Common Stock	0.0	0.0	0.0	0.0	-
Deferred Revenue - Current	18.8	14.9	10.8	-	-
Deferred Revenue - Long Term	14.9	14.2	14.1	-	-
Accumulated Intangible Amortisation	107.2	94.9	74.3	61.1	27.9
Full-Time Employees	4,260	4,020	3,950	4,130	4,130
Number of Common Shareholders	3,404	3,555	3,798	3,469	4,065
LT Debt Maturing within 1 Year	12.4	5.1	32.6	26.2	16.6
LT Debt Maturing within 2 Years	12.7	10.7	5.1	11.1	9.5
LT Debt Maturing within 3 Years	6.0	153.4	5.4	9.0	8.6
LT Debt Maturing wihtin 4 Years	327.1	6.0	420.9	7.4	9.1
LT Debt Maturing within 5 Years	50.4	327.1	6.0	539.6	335.4
LT Debt Maturing after 5 Years	356.0	356.1	333.0	339.0	344.7
Total Long Term Debt, Supplemental	764.6	858.3	803.0	932.3	723.9
Capital Leases Maturing within 1 Year	2.2	4.3	4.4	4.3	4.4
Capital Leases Maturing within 2 Years	0.0	2.2	4.4	4.3	4.4
Capital Leases Maturing within 3 Years	0.0	0.0	2.2	4.3	4.4
Capital Leases Maturing within 4 Years	0.0	0.0	0.0	2.2	4.4
Capital Leases Maturing within 5 Years	0.0	0.0	0.0	0.0	2.2
Capital Leases Remaining Maturities	0.0	0.0	0.0	0.0	0.0
Interest	-0.1	-0.6	-1.3	-2.1	-3.3
Total Capital Leases	2.0	5.9	9.7	13.0	16.7
Operating Lease Maturing within 1 Year	8.3	8.7	9.4	9.3	10.1
Operating Lease Maturing within 2 Years	5.1	6.1	6.4	7.3	6.8
Operating Lease Maturing within 3 Years	3.5	4.0	4.3	5.1	5.5
Operating Lease Maturing within 4 Years	2.7	2.8	2.9	3.8	3.9
Operating Lease Maturing within 5 Years	2.1	2.3	2.6	2.6	3.0
Operating Lease Maturing after 5 Years	10.1	12.2	15.5	20.5	20.8
Total Operating Leases	31.8	36.1	41.1	48.6	50.1
Projected Benefit Obligation - Domestic	634.2	573.0	526.5	479.1	466.9
FV of Plan Assets - Domestic	522.4	499.0	410.0	360.6	506.6
Funded Status - Domestic	-111.8	-74.0	-116.4	-118.5	39.8
Projected Benefit Obligation - Foreign	40.5	40.9	44.4	39.0	-
FV of Plan Assets - Foreign	8.7	8.1	7.1	5.5	-
Funded Status - Foreign	-31.8	-32.8	-37.3	-33.5	-
Accumulated Benefit Obligation - Pension	657.0	598.6	554.1	495.5	-
Projected Benefit Obligation - Post-Ret.	68.9	66.4	65.7	59.3	54.4
FV of Plan Assets - Post-Retirement	7.7	8.0	8.2	8.8	8.7
Funded Status - Post-Retirement	-61.3	-58.5	-57.5	-50.5	-45.7
Accumulated Benefit Obligation - Post-Re	68.9	66.4	65.7	59.3	54.4
Total Funded Status	-204.8	-165.3	-211.3	-202.6	-5.9
Discount Rate - Pension	5.07%	5.45%	5.86%	6.45%	6.39%
Compensation Rate - Pension	4.11%	4.11%	4.11%	4.03%	4.08%
Discount Rate - Post-Retirement	5.10%	5.30%	5.70%	6.55%	6.40%
Compensation Rate - Post-Retirement	4.00%	4.00%	4.00%	4.25%	4.25%
Non-current Assets - Domestic	-	-	-	0.0	67.3
Current Liabilities - Domestic	-13.9	-1.3	-1.6	-1.4	-3.7
Non-current Liabilities - Domestic	-97.8	-72.7	-114.9	-117.2	-23.8
Current Liabilities - Foreign	-1.7	-2.6	-3.7	-4.3	-4.6
Non-current Liabilities - Foreign	-30.1	-30.2	-33.6	-29.2	-
Current Liabilities - Post-Retirement	-3.7	-3.4	-3.7	-2.7	-2.5
Non-current Liabilities - Post-Retiremen	-57.6	-55.0	-53.9	-47.8	-43.2
AOCI-Transition Obligation - Domestic	-	-	0.0	0.0	0.0
AOCI-Prior Service Cost - Domestic	-7.6	-9.1	-10.5	-10.9	-12.6
AOCI-Net Actuarial Loss - Domestic	416.3	346.7	331.6	313.6	130.7
AOCI-Transition Obligation - Foreign	-	-	0.0	0.0	-
AOCI-Prior Service Cost - Foreign	0.4	0.5	0.5	-0.6	-
AOCI-Net Actuarial Loss - Foreign	4.6	5.1	6.3	0.3	-
AOCI-Prior Service Cost - Post-Ret.	-0.6	-1.3	-10.6	-10.6	-20.2
AOCI-Net Actuarial Loss - Post-Ret.	19.8	18.9	14.3	14.3	9.8
Net Assets Recognized on Balance Sheet	228.1	195.4	120.4	103.5	97.2
Domestic Equity % - Pension	43.28%	-	36.00%	38.00%	39.00%
International Equity % - Pension	16.96%	-	17.00%	18.00%	18.00%
Fixed Income % - Pension	24.40%	-	15.00%	11.00%	10.00%
Absolute Ret. Aggressive % - Pension	14.76%	-	22.00%	17.00%	17.00%
Absolute Ret. Conservative % - Pension	-	-	-	12.00%	12.00%
Cash % - Pension	0.60%	-	10.00%	4.00%	4.00%
Fixed Income % - Post-Retirement	100.00%	-	100.00%	100.00%	100.00%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	464.4	337.4	189.6	213.0	247.3
Depreciation	96.8	95.6	100.5	111.7	106.9
Dayton facility closure charge	-	-	0.0	0.0	4.9
Port de Bouc facility disposition charge	0.0	0.0	12.4	38.5	0.0
Restructuring charges	0.0	7.0	11.6	25.8	0.0
Compensation Payable in Stock & Option	27.1	15.7	0.3	18.5	18.1
Excess tax benefits realized from stock-	-10.6	-8.0	-2.1	-0.4	-20.7
Postretirement plan elimination gain	-	-	0.0	0.0	-2.1
Equity Change-J.V. & Non-Market Secs.	-43.8	-38.0	-22.3	-23.1	-24.6
Dividends Reced. from JV & Secs.	23.7	16.4	18.0	13.3	12.0
Pension and postretirement expense	27.2	21.0	9.7	2.6	13.4
Pension and postretirement contributions	-59.8	-80.1	-39.7	-40.3	-10.0
Unrealized (gain) loss on investments in	-0.7	-1.5	-3.6	5.0	0.0
Net change in noncurrent income tax paya	-0.7	2.2	-34.0	-15.8	9.0
Net change in noncurrent environmental l	-1.2	2.4	-4.6	-4.8	-7.2
Deferred Taxes	14.7	47.1	1.7	-12.0	-9.1
Accounts Receivable	-16.4	-57.4	1.3	90.5	11.2
Inventories	-41.7	-58.6	180.1	-87.9	-70.6
(Increase) decrease in other current ass	4.5	-14.5	-5.0	-14.2	-13.9
Accounts Payable	-12.0	13.5	-53.5	33.5	-12.6
(Decrease) increase in accrued expenses	28.2	35.8	-18.7	-30.2	6.9
Other net	-12.2	-4.5	16.7	3.6	-12.7
Cash from Operating Activities	487.4	331.3	358.5	327.2	246.4
Capital Expenditures	-190.6	-75.5	-100.8	-99.7	-98.7
Acquisitions	-13.2	-12.0	-4.0	-64.0	-17.9
Cash Trans.& Payments rel. to Thann	-	0.0	0.0	-2.6	-11.7
Cash proceeds from divestitures	0.0	8.6	0.0	0.0	-
Cash impact from deconsolidation of Stan	0.0	-12.6	0.0	0.0	-
Cash payments related to the Port de Bo.	0.0	0.0	-16.4	0.0	0.0
Purch Non-Mkt Invst.	-10.9	-1.3	0.0	-0.2	-0.1
Collection of note receivable from sale	-	0.0	0.0	6.0	0.0
Investments in Marketable Securities	1.7	0.7	-0.3	-3.3	-4.9
Proceeds from sale of marketable securit	-	-	0.0	0.0	0.4
Cash from Investing Activities	-212.9	-92.2	-121.6	-163.7	-132.9
Repayment LT Debt	-109.6	-424.1	-134.3	-48.2	-133.5
Proc. from Borrowing	9.4	125.8	14.3	255.2	107.9
Dividends Paid	-57.8	-49.6	-44.4	-42.3	-40.0
Repurch. Common	-178.1	-14.9	-5.8	-169.0	-101.2
Stock Options	2.2	7.1	4.2	3.9	21.9
Excess tax benefits realized from stock-	10.6	8.0	2.1	0.4	20.7
Witholding Tax	-3.1	-4.0	-5.1	-11.4	-3.8
Divid. Paid-Minority	0.0	0.0	-11.7	-13.6	-14.3
Payment of Financing Costs	-2.7	-3.0	0.0	-0.1	-1.2
Proceeds from Issuance of Senior Notes	0.0	346.9	0.0	0.0	-
Cash from Financing Activities	-329.1	-7.9	-180.8	-25.0	-143.5
Foreign Exchange Effects	-5.5	-10.3	-0.6	-15.7	11.1
Net Change in Cash	-60.2	220.9	55.5	122.8	-18.9
Net Cash - Beginning Balance	529.7	308.8	253.3	130.6	149.5
Net Cash - Ending Balance	469.4	529.7	308.8	253.3	130.6
Cash Interest Paid	33.1	21.9	22.1	36.1	32.8
Cash Taxes Paid	123.3	34.8	14.8	44.6	40.3

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	661.2	-8.54%	2,869.0	21.43%	5.16%	3.91%
Research & Development (?)	19.8	-3.42%	77.1	32.01%	4.63%	10.73%
Operating Income (?)	128.4	-19.88%	587.8	41.70%	38.57%	27.06%
Income Available to Common Excl Extraord Items (?)	99.3	-14.50%	436.3	34.77%	30.97%	25.00%
Basic EPS Excl Extraord Items (?)	1.11	-13.92%	4.82	36.07%	31.51%	26.11%
Capital Expenditures (?)	218.7	72.06%	190.6	152.49%	24.09%	13.80%
Cash from Operating Activities (?)	306.5	7.36%	487.4	47.10%	14.21%	5.31%
Free Cash Flow (?)	87.8	-44.57%	296.8	16.01%	9.28%	1.43%
Total Assets (?)	3,362.7	2.86%	3,203.8	4.42%	3.70%	4.83%
Total Liabilities (?)	1,554.3	-7.56%	1,612.5	-2.39%	-3.72%	1.43%
Total Long Term Debt (?)	701.2	-20.18%	749.3	-12.05%	-6.14%	1.90%
Employees (?)	-	-	4260	5.97%	1.04%	3.66%
Total Common Shares Outstanding (?)	89.3	0.57%	88.8	-3.01%	-0.79%	-1.30%
Market Cap (?)	4,702.2	31.14%	4,576.2	-10.43%	31.14%	6.09%

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin (?)	34.06%	31.57%	24.13%	24.63%	26.65%
Operating Margin (?)	20.49%	17.56%	9.29%	8.95%	13.26%
Pretax Margin (?)	19.19%	16.60%	7.99%	7.43%	11.89%
Net Profit Margin (?)	15.21%	13.70%	8.89%	7.87%	9.83%
Financial Strength
Current Ratio (?)	3.38	3.70	2.92	2.69	2.57
Long Term Debt/Equity (?)	0.47	0.60	0.64	0.85	0.55
Total Debt/Equity (?)	0.48	0.61	0.67	0.87	0.57
Management Effectiveness
Return on Assets (?)	13.41%	10.25%	5.93%	6.65%	8.29%
Return on Equity (?)	29.01%	24.69%	15.71%	16.57%	19.92%
Efficiency
Receivables Turnover (?)	7.31	6.55	5.86	6.30	5.59
Inventory Turnover (?)	4.61	4.39	3.43	3.68	4.03
Asset Turnover (?)	0.91	0.81	0.71	0.86	0.87

Market Valuation USD (mil)
P/E (TTM) (?)	16.08	.	Enterprise Value (?)	5,907.8
Price/Sales (TTM) (?)	1.99	.	Enterprise Value/Revenue (TTM) (?)	2.14
Price/Book (MRQ) (?)	3.04	.	Enterprise Value/EBITDA (TTM) (?)	10.46
Market Cap as of 21-Dec-2012 (?)	5,503.8	.

Ratio Comparisons

Traded: New York Stock Exchange: ALB	Financials in: USD (actual units)
Industry: Chemicals - Plastics & Rubber	As of 21-Dec-2012
Sector: Basic Materials

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	16.08	22.39	24.91	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	18.77	35.71	40.00	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	10.65	4.90	8.69	10.71
Beta (?)	1.63	2.07	1.47	1.00
Price/Revenue (TTM) (?)	1.99	0.91	2.38	2.57
Price/Book (MRQ) (?)	3.04	2.50	3.90	3.67
Price to Tangible Book (MRQ) (?)	3.82	2.58	5.81	5.21
Price to Cash Flow Per Share (TTM) (?)	12.94	9.58	13.98	14.22
Price to Free Cash Flow Per Share (TTM) (?)	34.34	62.35	37.21	26.26
Dividends
Dividend Yield (?)	1.30%	1.61%	1.75%	2.26%
Dividend Per Share - 5 Yr Avg (?)	0.53	3.91	2.50	1.99
Dividend 5 Yr Growth (?)	14.20%	-9.94%	1.06%	0.08%
Payout Ratio (TTM) (?)	20.05%	33.68%	29.68%	25.98%
Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	-8.54%	11.62%	20.15%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	-0.05%	40.74%	23.47%	17.69%
Revenue 5 Yr Growth (?)	3.91%	1.42%	7.38%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	-13.48%	0.19%	13.63%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	-16.27%	55.41%	42.74%	32.55%
EPS 5 Yr Growth (?)	26.50%	-27.59%	8.05%	9.86%
Capital Spending 5 Yr Growth (?)	13.80%	1.41%	9.93%	-2.04%
Financial Strength
Quick Ratio (MRQ) (?)	2.34	1.20	1.78	1.24
Current Ratio (MRQ) (?)	3.63	2.03	2.73	1.79
LT Debt/Equity (MRQ) (?)	0.39	0.86	0.81	0.64
Total Debt/Equity (MRQ) (?)	0.39	0.95	0.88	0.73
Interest Coverage (TTM) (?)	13.63	4.56	11.21	13.80
Profitability Ratios (%)
Gross Margin (TTM) (?)	33.97%	17.13%	32.32%	45.21%
Gross Margin - 5 Yr Avg (?)	28.55%	15.39%	31.54%	44.91%
EBITD Margin (TTM) (?)	20.42%	10.48%	22.23%	24.43%
EBITD Margin - 5 Yr Avg (?)	18.53%	9.72%	18.43%	22.84%
Operating Margin (TTM) (?)	16.83%	8.72%	16.99%	20.63%
Operating Margin - 5 Yr Avg (?)	14.28%	8.12%	13.64%	18.28%
Pretax Margin (TTM) (?)	15.64%	5.81%	15.86%	17.95%
Pretax Margin - 5 Yr Avg (?)	12.99%	6.59%	12.57%	17.10%
Net Profit Margin (TTM) (?)	11.80%	4.60%	11.55%	13.65%
Net Profit Margin - 5 Yr Avg (?)	10.80%	4.86%	8.64%	12.10%
Effective Tax Rate (TTM) (?)	24.60%	18.82%	28.04%	28.45%
Effective Tax rate - 5 Yr Avg (?)	16.89%	31.70%	29.65%	29.92%
Management Effectiveness (%)
Return on Assets (TTM) (?)	9.84%	3.98%	8.05%	8.54%
Return on Assets - 5 Yr Avg (?)	9.01%	5.06%	7.49%	8.40%
Return on Investment (TTM) (?)	11.50%	2.56%	5.86%	7.90%
Return on Investment - 5 Yr Avg (?)	10.71%	3.66%	5.78%	8.27%
Return on Equity (TTM) (?)	20.30%	12.15%	18.78%	19.72%
Return on Equity - 5 Yr Avg (?)	21.71%	14.00%	17.45%	20.06%
Efficiency
Revenue/Employee (TTM) (?)	649,111.30	923,754.18	613,510.56	927,613.77
Net Income/Employee (TTM) (?)	76,564.09	40,434.73	82,492.56	116,121.92
Receivables Turnover (TTM) (?)	7.15	7.29	8.71	13.25
Inventory Turnover (TTM) (?)	3.78	9.34	8.16	14.53
Asset Turnover (TTM) (?)	0.83	0.89	0.82	0.93

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio (?)	3.38	3.70	2.92	2.69	2.57
Quick/Acid Test Ratio (?)	2.17	2.51	1.83	1.37	1.37
Working Capital (?)	954.4	984.0	678.8	740.6	650.5
Long Term Debt/Equity (?)	0.47	0.60	0.64	0.85	0.55
Total Debt/Equity (?)	0.48	0.61	0.67	0.87	0.57
Long Term Debt/Total Capital (?)	0.32	0.37	0.38	0.45	0.35
Total Debt/Total Capital (?)	0.32	0.38	0.40	0.47	0.36
Payout Ratio (?)	13.90%	15.81%	25.65%	22.65%	17.46%
Effective Tax Rate (?)	23.61%	23.65%	-4.39%	-3.57%	19.83%
Total Capital (?)	2,355.0	2,277.0	2,018.4	1,998.0	2,002.2
Efficiency
Asset Turnover (?)	0.91	0.81	0.71	0.86	0.87
Inventory Turnover (?)	4.61	4.39	3.43	3.68	4.03
Days In Inventory (?)	79.17	83.16	106.31	99.29	90.64
Receivables Turnover (?)	7.31	6.55	5.86	6.30	5.59
Days Receivables Outstanding (?)	49.92	55.75	62.29	57.95	65.31
Revenue/Employee (?)	673,475	587,752	507,695	597,364	565,663
Operating Income/Employee (?)	137,991	103,196	47,159	53,491	75,033
EBITDA/Employee (?)	160,690	126,977	72,603	80,537	100,917
Profitability
Gross Margin (?)	34.06%	31.57%	24.13%	24.63%	26.65%
Operating Margin (?)	20.49%	17.56%	9.29%	8.95%	13.26%
EBITDA Margin (?)	23.86%	21.60%	14.30%	13.48%	17.84%
EBIT Margin (?)	20.49%	17.56%	9.29%	8.95%	13.26%
Pretax Margin (?)	19.19%	16.60%	7.99%	7.43%	11.89%
Net Profit Margin (?)	15.21%	13.70%	8.89%	7.87%	9.83%
R&D Expense/Revenue (?)	2.69%	2.47%	3.04%	2.73%	2.68%
COGS/Revenue (?)	65.94%	68.43%	75.87%	75.37%	73.35%
SG&A Expense/Revenue (?)	10.88%	11.25%	10.60%	10.34%	10.49%
Management Effectiveness
Return on Assets (?)	13.41%	10.25%	5.93%	6.65%	8.29%
Return on Equity (?)	29.01%	24.69%	15.71%	16.57%	19.92%
Valuation
Free Cash Flow/Share (?)	3.34	2.79	2.82	2.50	1.56
Operating Cash Flow/Share  (?)	5.49	3.62	3.92	3.60	2.60

Current Market Multiples
Market Cap/Earnings (TTM) (?)	16.08
Market Cap/Equity (MRQ) (?)	3.04
Market Cap/Revenue (TTM) (?)	1.99
Market Cap/EBIT (TTM) (?)	11.83
Market Cap/EBITDA (TTM) (?)	9.75
Enterprise Value/Earnings (TTM) (?)	17.26
Enterprise Value/Equity (MRQ) (?)	3.27
Enterprise Value/Revenue (TTM) (?)	2.14
Enterprise Value/EBIT (TTM) (?)	12.70
Enterprise Value/EBITDA (TTM) (?)	10.46

Stock Report

Stock Snapshot

Traded: New York Stock Exchange: ALB

As of 21-Dec-2012    US Dollars

Recent Price	$61.66	EPS	$4.77
52 Week High	$68.51	Price/Sales	1.92
52 Week Low	$50.06	Dividend Rate	$0.80
Avg. Volume (mil)	0.80	Price/Earnings	13.62
Market Value (mil)	$5,503.76	Price/Book	3.44
		Beta	1.63

	Price % Change	Rel S&P 500%
4 Week	7.16%	5.59%
13 Week	15.88%	18.31%
52 Week	21.47%	6.51%
Year to Date	19.70%	5.26%

2 Year Weekly End Price & Volume

Tooltip

Tooltip

Stock History

Market Cap History
	30-Sep-12	% Chg	30-Jun-12	% Chg	31-Mar-12	% Chg	31-Dec-11	% Chg	30-Sep-11	% Chg
Total Common Shares Outstanding	89	-0.3	89	0.4	89	0.4	89	0.1	89	-3.3
Market Cap	4,702.2	-11.9	5,336.8	-6.4	5,699.7	24.6	4,576.2	27.6	3,585.7	-43.5

Yearly Price History
	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg	2008	% Chg
High Price	68.51	-4.6	71.79	25.2	57.34	52.4	37.62	-18.0	45.90	-
Low Price	50.88	33.8	38.02	10.2	34.49	121.9	15.54	-3.8	16.16	-
Year End Price	61.66	19.7	51.51	-7.7	55.78	53.4	36.37	63.1	22.30	-

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
21-Dec-12	60.11	62.51	58.49	61.66	9,333,154
30-Nov-12	55.38	60.71	53.60	59.79	15,927,247
31-Oct-12	53.16	56.26	51.77	55.11	20,665,373
28-Sep-12	54.44	57.03	50.88	52.68	20,755,690
31-Aug-12	58.47	61.45	54.04	54.73	18,556,633
31-Jul-12	59.94	62.34	53.18	58.22	18,177,395
29-Jun-12	58.21	62.96	55.86	59.64	17,321,222
31-May-12	65.30	67.14	57.87	60.70	25,968,256
30-Apr-12	63.65	66.52	61.22	65.30	14,100,906
30-Mar-12	66.95	68.26	59.41	63.92	12,044,777
29-Feb-12	65.16	68.51	64.20	66.52	12,426,553
31-Jan-12	52.91	64.46	52.27	64.31	14,256,943
30-Dec-11	54.13	54.88	47.82	51.51	14,375,197

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

---

· We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

· We have also removed both the short- and long-term ratings from CreditWatch negative.

· The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

· More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

· Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

· The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.