UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 14, 2012
LSB INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-7677 | 73-1015226 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 16 South Pennsylvania Avenue, Oklahoma City, Oklahoma | 73107 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code (405) 235-4546
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Events
| Item 8.01. | Other Events |
On November 14, 2012, LSB Industries, Inc. issued a press release regarding damage suffered by its subsidiary, Cherokee Nitrogen Company, as a result of a pipe rupture at its facility in Cherokee, Alabama. A copy of the press release is attached as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits
| Item 9.01. | Financial Statements and Exhibits |
| Exhibit |
Description | |
| 99.1 | Press release, dated November 14, 2012. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 15, 2012
| LSB INDUSTRIES, INC. | ||||||
| By: | /s/ Tony M. Shelby | |||||
| Tony M. Shelby, | ||||||
| Executive Vice President of Finance, Chief Financial Officer | ||||||
Exhibit 99.1
| COMPANY CONTACT: | Investor Relations Contact: | |
| Tony M. Shelby, Chief Financial Officer | Linda Latman (212) 836-9609 | |
| (405) 235-4546 | Fred Buonocore (212) 836-9607 | |
| The Equity Group Inc. |
FOR IMMEDIATE RELEASE
LSB INDUSTRIES, INC. REPORTS THAT
ITS CHEMICAL BUSINESS – CHEROKEE, ALABAMA FACILITY
SUFFERED DAMAGE FROM PIPE RUPTURE
AND WILL LIMIT PRODUCTION UNTIL REPAIRED
Oklahoma City, Oklahoma – November 14, 2012 – LSB Industries, Inc. (the “Company”) (NYSE: LXU) today announced that the facility of its subsidiary, Cherokee Nitrogen Company (“Cherokee Nitrogen Facility”), suffered a pipe rupture causing damage to the heat exchanger portion of its ammonia plant. The Company is determining whether damages extend beyond the area where the rupture occurred. No serious injuries, or environmental impact, resulted from the pipe rupture. Management preliminarily estimates a three to five month outage at the ammonia plant, depending on lead times for repair parts. Until the ammonia plant is repaired, we believe that the Cherokee Nitrogen Facility can produce, on a limited basis, nitric acid and ammonium nitrate solution to be produced from purchased ammonia. The Company has notified its insurer of this event. The Company’s insurance policy, which provides replacement cost coverage, has a $2.5 million deductible for property damage. The Company’s business interruption insurance covering certain lost profits and extra expense has a 30 day waiting period.
LSB is a manufacturing and marketing 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 and modular geothermal chillers, and large custom air handlers; and the manufacture and sale of chemical products for the agricultural, mining, and industrial markets.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements generally are identifiable by use of the words “believe,” “expects,” “intends,” “plans to,” “estimates,” “projects” or similar expressions, and such forward-looking statements include, but are not limited to, the extent of damage to the Cherokee Nitrogen Facility, the length of time that the ammonia plant at the Cherokee Nitrogen Facility will be out of production, and whether the Cherokee Nitrogen Facility can produce until repairs are completed. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from the forward-looking statements, and other factors set forth under “A Special Note Regarding Forward-Looking Statements”, a discussion of a variety of factors which could cause the future outcome to differ materially from the forward-looking statements contained in this report and in the Form 10-K for year ended December 31, 2011, and the Form 10Qs for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.
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