Reaffirms Schedule and Budget for El Dorado, Arkansas Facility
Michael Foster to Replace David Shear as Senior Vice President,
General Counsel and Secretary
OKLAHOMA CITY--(BUSINESS WIRE)--Jan. 20, 2016--
LSB Industries, Inc. (NYSE:LXU) (“LSB or the Company”) today announced
that its Pryor, Oklahoma chemical facility (“Pryor Facility” or “Pryor”)
was fully operational and began producing all products on January 17,
2016. As announced on December 27, 2015, both Pryor’s urea and urea
ammonium nitrate (UAN) plants were taken down when the facility’s
production of nitric acid (a component of UAN) had to be halted in order
to repair a leaking joint in that plant.
LSB also provided an update on the status of the expansion project at
its El Dorado, Arkansas facility (“EDC expansion”). As previously
announced, the new nitric acid plant and concentrator are in production.
The 375,000 ton per year ammonia plant remains on schedule to be
mechanically complete in February of 2016 with ammonia production
beginning early in the second quarter of 2016. As of January 10, 2016,
the ammonia plant was approximately 93% mechanically complete and the
cost estimate to complete the EDC expansion remained in the $831 million
to $855 million range, as articulated in LSB’s third quarter 2015
earnings press release on November 6, 2015.
Additionally, LSB announced that Michael Foster has been appointed
Senior Vice President, General Counsel and Secretary effective January
5, 2016. Mr. Foster assumes the role from David Shear, who has resigned
to pursue personal interests.
About Michael Foster
Mr. Foster was in the private practice of law since October 2014. Prior
to that he served as the Senior Vice President, General Counsel and
Secretary for Tronox (NYSE:TROX), a global mining and manufacturing
firm. While General Counsel for Tronox, Mike led the company in its
successful Chapter 11 restructuring, including the settlement of tort
and environmental liabilities valued in excess of $5 billion. He
subsequently led Tronox in a merger with a South African joint venture
partner and the resulting tax inversion and re-listing of Tronox Limited
on the NYSE. Before taking the reigns as the Tronox General Counsel,
Mike served as its Managing Counsel where he led the operations of the
Tronox legal team and handled commercial and corporate legal matters
following its spin-off from Kerr-McGee Corporation (NYSE:KMG). Prior to
the Tronox spin-off, Mike served as a member of the Kerr-McGee legal
team where he provided corporate and commercial support to the energy
and chemical company, including advising on international acquisitions
and divestitures and related finance transactions. His earlier
experience includes nearly five years in the midstream energy industry
with CMS Field Services Inc. and Enogex Inc., and more than five years
in the public and private practice of law. Mr. Foster is a graduate of
the University of Tulsa College of Law and the University of Illinois.
About LSB Industries, Inc.
LSB is a manufacturing company. LSB’s principal business activities
consist of the manufacture and sale of chemical products for the
agricultural, mining, and industrial markets, and the manufacture and
sale of commercial and residential climate control products, such as
water source and geothermal heat pumps, hydronic fan coils, modular
chillers, large custom air handlers and make-up air units.
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, the anticipated effect of
the repairs to the Pryor Facility on fourth quarter 2015 and first
quarter 2016 operating income; the expected completion date and the cost
estimate of the EDC expansion project; and the various factors described
in the “Special Note Regarding Forward-Looking Statements,” and the
“Risk Factors” contained in our 10-K for the year ended December 31,
2014, and our 10-Q Reports and other filings with the U.S. Securities
and Exchange Commission. These forward looking statements speak only as
of the date of this press release, and LSB expressly disclaims any
obligation or undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
LSB’s expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160120005462/en/
Source: LSB Industries, Inc.
For LSB Industries, Inc.
Chief Financial Officer
The Equity Group Inc.
Linda Latman, 212-836-9609