Albemarle increases catalyst prices
Albemarle Corporation (NYSE: ALB), a leading supplier of high performance FCC catalysts and additives, will increase prices of FCC catalysts by 10% globally, effective October 1, 2010, or as contracts allow. In addition, Albemarle will implement rare earth surcharges on FCC catalysts and additives, effective October 1, 2010, or as contracts allow and will seek shorter price validities in its FCC catalyst supply agreements.
'”These measures are necessary to help account for the rapidly escalating costs of rare earth raw materials used in the manufacture of these product lines. Rare earth prices have increased by a factor of five in the last several weeks. We must pass along these increases in order to continue the investments required to deliver the product improvements our customers expect from us,” says Division Vice President, FCC, Troy De Soto.
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