Charlotte corporate giant plans layoffs, delay of investments here

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.

ALSO READ: Officials give update on Kings Mountain lithium mine

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.

Read more here.

(WATCH BELOW: Residents worry about keeping homes if lithium mining restarts in Kings Mountain)