Horsehead Enters Into Option Agreement With Shell
March 15 2012 - 1:24PM
Business Wire
Horsehead Corporation, a leading U.S. producer of specialty zinc
and zinc-based products, and a wholly-owned subsidiary of Horsehead
Holding Corp. (Nasdaq:ZINC), today announced that it has entered
into an agreement granting Shell Chemical LP an option to purchase
the site of its current zinc production operations located near
Monaca, PA, to evaluate it for a potential petrochemical
complex.
“We are moving our zinc production operations to our new plant
which is under construction in North Carolina and expected to
startup during the third quarter of 2013,” said Jim Hensler,
Horsehead President & CEO. Hensler added, “We believe this
option provides the best value proposition for Horsehead among the
several alternatives we are considering for this site.” The option,
if exercised, would require Horsehead to vacate its Monaca site by
April 30, 2014.
About Horsehead
Horsehead Holding Corp. (“Horsehead”) (Nasdaq: ZINC) is the
parent company of Horsehead Corporation, a leading U.S. producer of
specialty zinc and zinc-based products and a leading recycler of
electric arc furnace dust; The International Metals Reclamation
Company (“INMETCO”), a leading recycler of metals-bearing wastes
and a leading processor of nickel-cadmium (NiCd) batteries in North
America; and Zochem Inc., a zinc oxide producer located in
Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa.,
employs approximately 1,150 people and has eight facilities
throughout the U.S. and Canada. Visit www.horsehead.net for more
information.
Cautionary Statement about Forward-Looking Statements
This press release contains forward-looking statements,
including statements about business outlook, proposed initiatives
and strategy, growth targets and statements about historical
results that may suggest trends for our business. These statements
are based on assumptions, estimates and information available to us
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ability to achieve the benefits we expect to achieve from the
Zochem acquisition and the cost savings and other benefits we
expect to achieve from our new zinc plant once fully operational,
the ultimate cost to construct the new plant and our ability to
secure any additional required financing for it on acceptable terms
or at all, our ability to obtain environmental and regulatory
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