) said that it will raise the price of its SAYTEX CP-2000
(tetrabromo bisphenol A) flame retardant by up to 15% on all
shipments. The price hike is effective immediately or as per the
SAYTEX bromine-based flame retardants are used for electronic
enclosures, electronic and electrical components, insulation
foams and textiles. SAYTEX CP-2000 in particular is an immensely
pure flame retardant consisting of stable aromatic bromine and
can be used as a reactive or additive flame retardant. It can be
best applied as a reactive monomer in epoxy and polycarbonate
SAYTEX CP-2000 is attractive due to its cost-effectiveness and
permanent and non-migrating feature when reacted once.
Albemarle's brominated flame retardant fall under the polymer
solutions division in the Fine Chemistry business segment.
Albemarle is a leading maker of specialty chemicals for consumer
electronics, petroleum refining, utilities, packaging,
construction, automotive/transportation, pharmaceuticals, crop
protection, food-safety and custom chemistry services.
Albemarle's second-quarter 2013 adjusted earnings (excluding
non-operating items) of 97 cents a share dropped 24% from $1.28 a
share earned in the year-ago quarter. The results were below the
Zacks Consensus Estimate of 99 cents.
Revenues decreased 7.4% to $634.2 million in the quarter from
$684.9 million in the year-ago quarter, missing the Zacks
Consensus Estimate of $660 million. The results were impacted by
exit from the phosphorus flame retardants business, lower metals
surcharges, unfavorable pricing in bromine portfolio and lower
Fine Chemistry Services volumes, partly offset by favorable
volumes in Refinery Catalysts and Brominated Flame Retardant
Net sales in the Fine Chemistry segment slipped 16% to $176.1
million in the second quarter from $208.1 million in the
previous-year quarter, primarily due to unfavorable sales volumes
Albemarle also raised prices of its n-Propyl bromide based
products by up to 20% globally on Aug 12. The price hike was
effective immediately or as per the contracts.
Sluggish economic environment across Europe, weak electronics
and construction markets, and lower metals surcharges at the
beginning of 2013 impacted Albemarle's performance. However,
Albemarle successfully met several key milestones with the
bromine and organometallics expansions, which are expected to be
beneficial to the company on a long-term basis.
Albemarle retains a Zacks Rank #4 (Sell).
Other companies in the chemical industry having favorable
Zacks Rank are
Cytec Industries Inc.
Eastman Chemical Co.
). All of them carry a Zacks Rank #2 (Buy).
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