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Albemarle swings to quarterly loss after arbitration payout -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A sign on the approach road to Albemarle’s lithium evaporation pools at Silver Peak, Nevada (USA), January 9, 2019 REUTERS/Ernest Scheyder/File photo

(Reuters). Albemarle (NYSE:) Corp announced Wednesday that it suffered a quarter-end loss as a result of a one time charge related to the 2015 purchase of a competitor, which made Corp the largest lithium producer in the world.

Third quarter net loss was $392.8 Million, which is $3.36 per share. This compares to $98.3million, or 92c per share, in the previous year. Revenue rose 11%, but net loss was $392.8M.

Albemarle was assessed $657.4 Million in connection to an arbitral decision regarding Rockwood Holdings Inc.’s 2014 sale to a division of pigments. Huntsman (NYSE:) Corp. Albemarle inherited Rockwood’s liabilities during the 2015 buyout.

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