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Manufacturing company $LXU said its new 375,000 ton ammonia plant at its El Dorado, Arkansas facility is operational and ammonia production is now underway. The company expects to sell ammonia into the pipeline by May-end. The plant is expected to reach full capacity by the beginning of 3Q16. $LXU expects the total cost to be approx. $830MM.
$PX signed a long-term contract with an electronics manufacturer in Shanghai, China. $PX will build, own and operate multiple air separation plants that will supply high-purity nitrogen & oxygen to EverDisplay Optronics (EDO), the first mass producer of 4.5-generation AMOLED displays in China. EDO will invest more than US$4.1Bil in its new project.
$PX expanded its long-term hydrogen supply agreement with Motiva Enterprises LLC. $PX will increase the amount of hydrogen it supplies to Motiva's about 600,000 barrel per day refinery in Port Arthur, Texas. This agreement secures the additional hydrogen required to support that expansion, as well as the ongoing needs of the refinery.
$CF announced early tender results of the tender offer by its subsidiary CF Industries Inc. (CFI) to buy for cash CFI's 7.125% senior notes due 2020 and the increase by CFI in maximum aggregate of notes subject to tender offer from $200MM to $299.98MM. The aggregate of the notes that were validly tendered and not validly withdrawn is $565.92MM.
Global specialty chemicals industry leader $ALB said it has signed a definitive agreement to sell its polyolefin catalysts and components business to $GRA in cash for approx. $416MM. The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with $ALB. The deal is expected to close during 1Q18.
$LII is reiterating its guidance for 2017 revenue growth of 5-7%, with a 0.5% benefit from FX. GAAP EPS from continuing operations is expected to be $7.67-7.97 while adjusted EPS from continuing operations is expected to be $7.75-8.05. CapEx is expected to be approx. $100MM.
$ZEUS has entered into an amended and restated five-year loan and credit agreement. The amended facility, led by Bank of America as agent bank, increases the size of credit facility from $365MM to $400MM, and extends the maturity to Dec. 8, 2022. The new credit agreement allows for lenders to increase commitments up to a total of $600MM.
$SEE said it is implementing a price increase of 2.5-5% for the majority of its Food Care division's products in Europe, Middle East and Africa with the exception of Switzerland and the United Kingdom who received price increases earlier in the year. The increase will be effective Jan. 1, 2018.
$SEE, which completed the sale of its Diversey Care division and the food hygiene and cleaning business (within Food Care division) to Bain Capital on Sept, reported a 2% YoY drop in net earnings (from continuing operations) to $62MM for 3Q17. Including the gain on sale, $SEE’s net income attributable to common shareholders stood at $787.4MM.