Albemarle says Rockwood merge to be accretive to cash earnings in first year Albemarle (ALB) says it views its merge with Rockwood (ROC) as a "decisive move." Says transactions accelerates growth, enhances earnings profile and doubles Albemarle's size. Expects revenue growth to be well above GDP. Says "well positioned" for core earnings growth drivers to drive business. Says the transaction will generate "strong" free cash flow to allow for the company to continually invest in key growth drivers. Says transaction will enable to Albemarle to have more consistent and predictable earnings growth to drive long-term value creation going forward. Expects transaction to be accretive to cash earnings in the first year and adjusted EPS in the second year. Says combined company will create $500M in cash flow on a pro forma basis in first year, rising substantially going forward as the company grows. Expects the transaction to generate cost synergies of $100M to be fully realized in 2016. Comments made during the conference call in which Albemarle and Rockwood discussed their merger.
Albemarle to increase prices of fluid catalytic cracking catalysts by 10% Albemarle announced that it will increase prices of its fluid catalytic cracking catalysts by 10%, effective March 15, or as contracts allow.