LSB INDUSTRIES’ SUBSIDIARY SIGNS NEW LONG-TERM AGREEMENT TO SUPPLY INDUSTRIAL GRADE AMMONIUM NITRATE TO ORICA INTERNATIONAL PTE LTD.
Oklahoma City, Oklahoma……March 1, 2010….. LSB Industries, Inc. (NYSE:LXU) announced today its El Dorado Chemical Company subsidiary (EDCC) has signed a five year agreement with Orica International Pte Ltd. (Orica) to supply Orica with 250,000 tons per year of industrial grade ammonium nitrate (Product). This new agreement replaces EDCC’s previous agreement to supply 210,000 tons per year of Product to Orica USA Inc. Under the agreement, which is effective as of January 1, 2010, EDCC charges Orica for Product on a cost plus basis.
Jack E. Golsen, LSB Chairman and CEO, stated, "EDCC is pleased to expand its relationship with Orica after working together since 2001. We look forward to working with Orica, the worldwide leader in the explosives industry, under the new agreement."
LSB is a manufacturing, marketing and engineering company. LSB’s principal business activities consist of the manufacture and sale of commercial and residential climate control products, such as geothermal and water source heat pumps, hydronic fan coils, large custom air handlers, the manufacture and sale of chemical products for the mining, agricultural and industrial markets, and the provision of specialized engineering services and other activities. LSB Industries is included in the Russell 2000 Index and the Russell 3000 Index.