Albemarle Corporation, a leader in the global specialty chemicals industry, announced a price increase for catalysts global business unit customers. These price increases are effective immediately, or as contracts allow.

Albemarle and its suppliers are continuing to see unprecedented increases worldwide in energy costs (gas and electricity) and for key raw materials that are critical to manufacturing our performance products.

Several factors are impacting an increase in the cost of energy and key raw materials, some of which may be temporary. Examples include the increased energy costs in Europe due to a winter shortage, the up-to-40% increase in the costs of industrial metals, and the acute tightness in chlor alkali markets. Albemarle continues to monitor the energy and commodities markets accordingly.

"Albemarle remains committed to delivering value to our customers with no interruptions to supply," said Raphael Crawford, President, Catalysts global business unit. "Our intent is to cover the increased costs we are experiencing through productivity gains and price adjustments for our products and services, and to flex with the market over the coming months."