(Reuters) – Albemarle Corp said on Wednesday it swung to a quarterly loss due to a one-time charge linked to its 2015 buyout of a rival that made it the world’s largest producer of lithium.
The company posted a third-quarter net loss of $392.8 million, or $3.36 per share, compared to a net profit of $98.3 million, or 92 cents per share in the year-ago quarter, even as revenue rose 11%.
Albemarle recorded a $657.4 million charge related to an arbitration decision about Rockwood Holdings Inc’s 2014 sale of a pigments division to Huntsman Corp. Albemarle inherited Rockwood’s liabilities in the 2015 buyout.
(Reporting by Ernest Scheyder; Editing by Chris Reese)
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