LSB Industries, Inc. Provides Update on Its Strategic Alternatives Review Process
July 25 2017 - 04:06PM
Business Wire
LSB Industries, Inc. (NYSE:LXU) (“LSB” or “the Company”) today
announced that its Board of Directors (“Board”) has not
been presented with a sale transaction that they feel is in
the best interests of shareholders. As a result, at this time, the
Board has made a decision to terminate the formal sale process
portion of its strategic review. The Board always remains open and
willing to engage in these types of discussions. While we are not
sharing specific details of the process, we believe that, at this
time, the current outlook in the nitrogen chemical industry is
adversely affecting any potential transactions. The Board will,
however, continue to work with its outside advisors on evaluating
other strategic, financial and operational options. The Board
and management continue to focus on the execution of their major
objectives of:
- Improving overall plant reliability
with a goal of achieving average ammonia plant on-stream rates of
at least 95%;
- Continuing to streamline its corporate
structure to reduce costs;
- Reducing overall plant costs;
- Expanding into new markets with
enhanced distribution; and,
- Reducing the Company’s leverage to seek
greater financial flexibility and an improved capital
structure.
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; and
reducing leverage and improving the capital structure.
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. 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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version on businesswire.com: http://www.businesswire.com/news/home/20170725006395/en/
Company:LSB Industries, Inc.Mark Behrman,
405-235-4546Chief Financial OfficerorInvestor Relations:The
Equity Group Inc.Fred Buonocore, 212-836-9607orKevin Towle,
212-836-9620
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