Albemarle German subsidiary receives minority interest investment from Tianqi
Albemarle announced that Tianqi Lithium has given notice of its decision to exercise an option to acquire a 20% indirect ownership interest in Rockwood Lithium GmbH, a wholly-owned German subsidiary of Albemarle that manages a portfolio of downstream products. Exercise of the option by Tianqi does not include any material interest in Albemarle's lithium-based battery and energy storage business, its lithium reserves and operations in South America, the U.S., or Australia, or its pending lithium hydroxide and carbonate asset acquisition in China, all of which are owned outside of the German entity. Albemarle will continue to own a controlling interest in GmbH. The investment is expected to close in 1H17.