The company also reported a 14% decrease in fourth-quarter net sales to $517.7m.
The company revealed that its fine chemical segment delivered record sales that partially offset the strong impact of the recession on the polymers additive business.
“The fourth quarter was a very challenging quarter,” said Albemarle president and chief executive Mark Rohr.
“As we approached year-end, it became clear that the depth and duration of the global economic slowdown was having a greater impact than we initially anticipated.”
The company’s full-year net income fell by 16% to $194.2m, while its full-year sales increased 6% to $2.5bn in 2008.
Rohr said that the company continues to pursue “aggressive actions” in order to maintain a strong financial position.
Albermarle, which has facilities in Avonmouth and Teeside in the UK, also has sites in North America, Brazil, China, Australia, Japan, Germany, Holland, Austria, Belgium, Russia and France.
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