US-based specialty chemicals producer Albemarle said Thursday that it plans to exit its existing phosphorous flame retardants business, citing a need to restructure its business portfolio and address underperforming assets.

Albemarle currently produces phosphorus flame retardants, part of its polymer solutions business segment, at its Avonmouth, United Kingdom and Nanjing, China manufacturing sites.

The proposal to exit the business and cease operations at the Avonmouth site is subject to consultation with its employees, which has begun, the company said.

The process to cease operations at the Nanjing, China site has also begun, Albemarle said.

"One of the fundamental drivers of Albemarle's future growth is our ability to manage our business portfolio and show discipline in addressing underperforming assets or product lines,” said Luke Kissam, Albemarle's CEO.

“It has become clear that our current phosphorus business and product lines are not strategically aligned with Vision 2015's growth plans,” he continued.

Subject to the conclusion of the consultation process in the UK, production at both facilities will cease upon completion of customer contracts, according to the company.