Albemarle Corp
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Materials : Chemicals | Mid Cap Growth
Company profile

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals, which serves its customers across a diverse range of end markets, including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals and crop protection. It operates through three segments. Lithium segment develops and manufactures a range of basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. Bromine segment’s business includes products used in fire safety solutions and other specialty chemicals applications. Its fire safety technology enables the use of plastics by enhancing the flame-resistant properties of these materials. Catalysts segment offers three product lines, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.


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Ford launches new in-house driverless-car division

8:18 am ET March 3, 2023 (MarketWatch)

By Claudia Assis

Latitude will have 550 employees, hired from Argo AI

Ford Motor Co. said Thursday it has launched an artificial-intelligence unit focusing on driverless cars, hiring people who used to work at the shuttered Argo AI startup.

The division, named Latitude, will be based in Pittsburgh, with a test track in Greenville, S.C., and engineering hubs in California and Michigan, Ford (F) said.

The unit's 550 employees were hired from the Ford-backed Argo AI startup that closed its doors last year.

The team's work will include advancements in Ford BlueCruise, the company's advanced driver-assistance system, which has accumulated "more than 50 million miles of hands-free driving," Ford said.

The auto maker wound down its investment in Argo AI in October, saying there were too many challenges to running a profitable network of fully self-driving vehicles soon. The company took a $2.7 billion impairment on its third-quarter results.

Argo AI also had the backing of Volkswagen AG.

At the time Argo AI shut down, Ford and VW indicated that the company's technology was taking too long to commercialize.

Argo AI said at the time that some of its 2,000 employees would get a chance to continue to work on AV technology with either Ford or VW.

Shares of Ford have lost about 32% in the past 12 months, compared with a decline of around 10% for the S&P 500 index.

-Claudia Assis


(END) Dow Jones Newswires

March 03, 2023 08:18 ET (13:18 GMT)

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