Albemarle's announce US$40 mln cost savings for 2009 due to downturn

American company providing solutions in engineered specialty chemicals, Albemarle Corporation had recently announced that its polymer additives business has felt heat due to decline in consumer demand led by the global economic crisis and market volatility. The Louisiana-based company - supplier of polymer additives to the electronics, auto and construction markets - have announced a target of US$40 mln in cost savings led by a number cost reduction programs in 2009 and accordingly restructuring its business footprint. As per the company statement, the company is focussed on maximizing cash flow through working capital reductions and prudent capital spending. While the economic slowdown has affected the entire business portfolio, the recent downturn in consumer demand has had a severe impact on volumes and profitability of Albemarle's polymer additives business, the statement said.
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