OKLAHOMA CITY, Okla.--(BUSINESS WIRE)--Jul. 26, 2016--
LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced
that, due to an intense lightning storm, its El Dorado, Arkansas
facility suffered a complete power outage on July 14, 2016, which caused
production to be halted. Subsequent restart activities indicated that
normal operating parameters had been affected from the outage and
repairs were required. Adjustments to El Dorado’s ammonia plant
synthesis loop are currently being made and the Company expects to
restore ammonia production at nameplate capacity during the first week
of August 2016.
In addition, LSB is undertaking necessary warranty repairs and
modifications on its nitric acid plant at El Dorado during the
seasonally slow period. The modifications and repairs on heat exchangers
and NOX abatement systems are being done to increase efficiency and
extend service life. The Company expects to complete the activities at
the nitric acid plant in late August. Customer shipments are not
expected to be interrupted as the facility has a secondary nitric acid
plant and the Pryor, Cherokee and Baytown facilities are able to provide
required shipments to customers if necessary.
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 includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally are identified by use of the
words “will”, “believes”, “expects”, “estimates”, “intends”,
“anticipates”, “plans to”, “should”, “estimates”, “projects”, or similar
expressions, including, without limitation, LSB’s plans and expectations
with respect to the timing of the return to service of the El Dorado
facility’s ammonia and nitric acid plants, and that customer shipments
are not expected by the nitric acid plant downtime.
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
expectation will prove to be correct. Actual results may differ
materially from the forward-looking statements as a result of various
factors, including, but not limited to: general economic conditions;
weather conditions; increased maintenance costs; ability to install
necessary equipment and renovations at our Facilities in a timely
manner; changes to federal legislation or adverse regulations; increased
competitive pressures, domestic and foreign; ability to complete
transactions to address our leveraged balance sheet and cash flow
requirements; loss of significant customers; increased costs of raw
materials; and other factors set forth under “Risk Factors” and “Special
Note Regarding Forward-Looking Statements” in our Form 10-K for the year
ended December 31, 2015 and, if applicable, our Quarterly Reports on
Form 10-Q and our Current Reports on Form 8-K, which contain a
discussion of a variety of factors which could cause future outcomes to
differ materially from the forward-looking statements contained in this
release. 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 any
forward-looking statement to reflect events, new information or
circumstances occurring after the date of this press release except as
required by applicable law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160726005516/en/
Source: LSB Industries, Inc.
LSB Industries, Inc.:
Mark Behrman, 405-235-4546
Equity Group Inc.
Fred Buonocore, 212-836-9607