Finance History|11 Wall Street — One Albemarle Share for Every Two Ethyl Shares
· 1994-2
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Finance History|11 Wall Street — One Albemarle Share for Every Two Ethyl Shares
kevin
People treat Albemarle as a Charlotte lithium house that always printed ALB on a New York tape.
The letters arrived as a tax-free slice of an older Richmond chemicals book.
Ethyl Corporation had folded Albemarle Paper into a larger additives-and-chemicals group decades earlier.
An SEC Form 10-K later recorded the split. At the close of business on 28 February 1994 Ethyl distributed all outstanding Albemarle common shares to Ethyl holders.
The ratio was one Albemarle share for every two Ethyl shares. The dividend was tax-free.
Chemical and Engineering News, writing that week, put Albemarle's slice of 1993 sales at 903 million U.S. dollars, with about 1.09 billion U.S. dollars of assets and some 3,800 employees.
The leftover Ethyl book kept petroleum additives. Albemarle took olefins, bromine, and specialty chemicals.
The New York tape printed the new letters as ALB.
The pin is the Broad Street facade of the exchange that took the spin. The trading floor is not a visitor gallery.
The mechanism is a tax-free chemicals split that turned an internal Ethyl division into quoted common without an offering price.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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