Finance History|11 Wall Street — One Specialty Share for Every Two Ethyl Shares
· 1994-2
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Finance History|11 Wall Street — One Specialty Share for Every Two Ethyl Shares
kevin
People treat Albemarle as a Charlotte lithium campus that always printed ALB on a mature book.
The first public book was a tax-free slice of Ethyl Corporation.
Albemarle Corporation was incorporated in Virginia on 24 November 1993 as a wholly owned Ethyl subsidiary. Ethyl then transferred its olefins and derivatives, bromine chemicals, and specialty chemicals businesses into the new company.
At the close of business on 28 February 1994, Ethyl distributed every outstanding Albemarle common share to Ethyl common shareholders. The ratio, stated in Albemarle's later Form 10-K filings, was one Albemarle share for every two Ethyl shares held.
The distribution waited on an Internal Revenue Service ruling that the split would be tax-free to Ethyl and to its stockholders. Chemical and Engineering News recorded the mailing of the new certificates for 10 March 1994.
The same contemporary report put Albemarle's share of Ethyl's 1993 sales at 903 million dollars in 1993 currency, against assets of about 1.09 billion dollars and some 3,800 employees. Ethyl kept the petroleum-additives book, about 53 percent of the old sales.
Wikidata and later exchange directories date the New York Stock Exchange listing under the letters ALB from February 1994. The company did not sell a primary offering to raise cash.
Shareholders of the parent simply received a second tape.
The 1887 Albemarle Paper Manufacturing Company in Richmond is the older name. Ethyl resurrected it for the chemicals slice.
Headquarters in 1994 sat at 330 South Fourth Street in Richmond. The pin here is the Big Board facade that took the letters.
The interior floor is not a visitor gallery. What is visible from Broad Street and Wall Street is the public face of the tape.
The mechanism is a specialty-chemical book carved out of a lead-additive parent so two businesses could trade on separate multiples.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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