0001193125-13-051741.txt : 20130212 0001193125-13-051741.hdr.sgml : 20130212 20130212162241 ACCESSION NUMBER: 0001193125-13-051741 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130212 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130212 DATE AS OF CHANGE: 20130212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALBEMARLE CORP CENTRAL INDEX KEY: 0000915913 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 541692118 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12658 FILM NUMBER: 13597488 BUSINESS ADDRESS: STREET 1: 451 FLORIDA STREET CITY: BATON ROUGE STATE: LA ZIP: 70801 BUSINESS PHONE: 2253888011 MAIL ADDRESS: STREET 1: 451 FLORIDA STREET CITY: BATON ROUGE STATE: LA ZIP: 70801 FORMER COMPANY: FORMER CONFORMED NAME: ECHEM INC DATE OF NAME CHANGE: 19931208 8-K 1 d483979d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 12, 2013

 

 

ALBEMARLE CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Virginia   001-12658   54-1692118

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification Number)

451 Florida Street, Baton Rouge, Louisiana 70801

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (225) 388-8011

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01 Other Events.

On February 12, 2013, Albemarle Corporation (the “Company”) issued a press release announcing that its Board of Directors has approved an increase in the number of shares the Company is permitted to repurchase under its share repurchase program (the “Program”). The Board of Directors initially authorized the Program on October 25, 2000, permitting the Company to repurchase up to ten million shares. Since then, the Company has regularly repurchased shares under the Program, resulting in the Board of Directors periodically authorizing additional shares for repurchase. The most recent authorization permits the Company to repurchase up to fifteen million shares, including those shares previously authorized, but not yet repurchased. The Program will expire when the Company has repurchased all the shares authorized under the updated Program or if the Board of Directors earlier terminates the Program. Should the Company repurchase all or most of the shares currently authorized, the Board, in the future, may decide to authorize additional shares under the Program. The Company currently expects to repurchase approximately 10% of its outstanding shares over the next 10 to 15 months.

On February 12, 2013, the Company also announced an increase of its quarterly dividend to $0.24 per share of common stock, payable April 1, 2013.

The press release issued by the Company on February 12, 2013, announcing the increase in its share repurchase program and dividend increase, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

 

99.1    Press release relating to the Company’s increase in its share repurchase program and dividend increase, dated February 12, 2013, issued by the Company.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    ALBEMARLE CORPORATION
Date: February 12, 2013     By:  

/s/ Karen G. Narwold

     

Senior Vice President, General Counsel and

Corporate Secretary

EXHIBIT INDEX

 

Exhibit
Number

   

Exhibit

99.1    Press release relating to the Company’s increase to its share repurchase program and dividend, dated February 12, 2013, issued by the Company.
 EX-99.1 2 d483979dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Albemarle Board Announces 20% Dividend Increase and Approves

Expansion of Share Repurchase Program

BATON ROUGE, La., February 12, 2013 - Today, the Board of Directors of Albemarle Corporation (NYSE: ALB) increased the quarterly dividend to $0.24 per share, up 20% from $0.20 paid last quarter. The dividend is payable April 1, 2013 to shareholders of record at the close of business March 15, 2013. The new annualized dividend rate is $0.96 per share. This announcement marks the 19th consecutive year of dividend increases.

The Board of Directors also authorized an increase in the number of shares the Company is permitted to repurchase under its existing share repurchase program to 15 million from 3.9 million shares that remained outstanding under the program as of December 31, 2012. The Company currently expects to repurchase approximately 10% of its outstanding shares over the next 10 to 15 months. Share repurchases will be funded through a combination of available cash on hand, free cash flow and possibly debt.

“Today’s announcement reflects our confidence in the strength of Albemarle’s balance sheet and in the Company’s ability to continue its proven track record of cash generation,” said Chief Financial Officer Scott Tozier. “These actions also reflect our commitment to consistently returning capital to shareholders, even as we retain adequate capacity to fund organic growth opportunities and pursue appropriate acquisitions.”

About Albemarle

Albemarle Corporation (NYSE: ALB), headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer, and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services. The Company is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry . Corporate Responsibility Magazine recently selected Albemarle to its prestigious “100 Best Corporate Citizens” list for 2010 and 2011. Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings, and other information regarding the Company, its businesses and the markets we serve. To learn more, visit http://www.albemarle.com.