OKLAHOMA CITY--(BUSINESS WIRE)--Nov. 15, 2017--
LSB Industries, Inc. (NYSE:LXU) (“LSB or “the Company”) announced the
resignation of Joseph Reece from its Board of Directors effective today.
Mr. Reece, who was previously the Executive Vice Chairman of UBS
Securities LLC (“UBS”), was recently promoted by UBS to be the head of
its Investment Bank – Corporate Client Solutions Business for the
Americas, a position which requires a substantially increased time
commitment from his previous responsibilities. Accordingly, Mr. Reece
has decided to resign from the LSB Board. The vacancy will be filled,
effective immediately, by Jonathan Bobb, a former director of LSB’s
Board and member of the Corporate Investment team at Eldridge
Industries, the parent of Security Benefit Corporation. With these
changes, the size of LSB’s Board will remain at nine directors, of which
six are independent.
LSB’s President and CEO, Daniel Greenwell, stated, “I, along with my
fellow directors, would like to thank Joe for his contributions to LSB
over the past two years, and congratulate him on his new position at
UBS. We would also like to welcome Jonathan back to our Board and look
forward to working with him as we move forward in our efforts to
strengthen our operations and enhance our financial position.”
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural, mining,
and industrial markets. The Company owns and operates facilities in
Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates
a facility for a global chemical company in Baytown, Texas. LSB’s
products are sold through distributors and directly to end customers
throughout the United States. Additional information about the Company
can be found on its website at www.lsbindustries.com.
Forward Looking Statement
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally are identifiable by use of
the words “may,” “believe,” “expect,” “intend,” “plan to,” “estimate,”
“project” or similar expressions, and include but are not limited to:
enhanced reliability at our Facilities; reducing costs; expanding into
new markets; improving liquidity; reducing leverage and completing
repairs on time and as estimated.
Investors are cautioned that such forward-looking statements are not
guarantees of future performance and involve risk and uncertainties.
Though we believe that expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to be correct. Actual results may differ
materially from the forward-looking statements as a result of various
factors. These and other risk factors are discussed in the Company’s
filings with the Securities and Exchange Commission (SEC), including
those set forth under “Risk Factors” and “Special Note Regarding
Forward-Looking Statements” in our Form 10-K for the year ended December
31, 2016 and, if applicable, our Quarterly Reports on Form 10-Q and our
Current Reports on Form 8-K. All forward-looking statements included in
this press release are expressly qualified in their entirety by such
cautionary statements. We expressly disclaim any obligation to update,
amend or clarify and forward-looking statement to reflect events, new
information or circumstances occurring after the date of this press
release except as required by applicable law.
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Source: LSB Industries, Inc.
LSB Industries, Inc.
Mark Behrman, 405-235-4546
Equity Group Inc.
Fred Buonocore, 212-836-9607