Albemarle Corp. is hitting the brakes on several major Charlotte-area investments as part of a larger cost-reduction plan.
The Charlotte-based lithium giant announced the news Wednesday morning. The plan includes layoffs, but the company did not disclose how many positions would be affected by the headcount reduction.
Albemarle is moving to reduce its capital expenditures to between $1.6 billion and $1.8 billion annually from the $2.1 billion level it reached in 2023. Albemarle is also planning to reduce costs by $95 million annually.
As part of its plan, Albemarle will “defer investment” on two notable projects in the Charlotte region: The Albemarle Technology Park project in north Charlotte and the $1.3 billion lithium hydroxide processing facility in Chester County.
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