LSB Industries, Inc. : Announces Equipment Purchase for Chemical Facilities
05/29/2012| 04:10pm US/Eastern
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LSB Industries, Inc. (the "Company") (NYSE: LXU) today announced that a
subsidiary of the Company purchased for $6.5 million a group of chemical
plant components. This equipment is intended to improve the operation
and efficiency of its ammonia plant in Pryor, Oklahoma and for possible
use at certain of its other chemical facility locations. Previously,
this equipment was in operation at a chemical production facility in the
United States.
During the next six to eight months, the Company expects to move this
equipment from its current location to its appropriate chemical
facilities for installation and to shops for refurbishment. The cost to
transport, install and refurbish this equipment has not yet been
determined. The Company funded the purchase of this equipment, and
intends to fund the other costs associated with the equipment, from its
working capital.
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 "expects," "estimates," "intends," "believe," or similar
expressions, and such forward-looking statements including, but not
limited to, the use of the purchased equipment to improve the operation
and efficiency of the ammonia plant at the Company's chemical facility
in Pryor, Oklahoma, length of time to move the equipment and method of
funding the cost to transport, install and refurbish the equipment. 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 as a
result of various factors, including, but not limited to, additional
equipment failure, weather conditions, ability to repair or install
necessary equipment at the Pryor Facility and its other chemical
facilities, demand for the chemical products produced at the Pryor
Facility, general economic conditions, and other factors set forth under
"A Special Note Regarding Forward-Looking Statements" and "Risk Factors"
contained in our 2011 Form 10-K and our March 31, 2012 Form 10-Q.
LSB Industries, Inc.
Tony M. Shelby, 405-235-4546
Chief
Financial Officer
or
Investor Relations:
The Equity Group
Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
© Business Wire 2012
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