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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.
$LEN $LEN.B said the recently passed federal tax act has added additional momentum to the economic landscape. "While many has been concerned about the effects of the new tax law on housing with its mixed bag of impacts, initial readings and reviews suggest that it is generally stimulative to the economy," the company said.
Amidst a slow and steady housing recovery, $LEN reported 12% increase in its 4Q17 revenue to $3.79Bil, thanks to favorable interest rates and increased consumer confidence. However, net earnings witnessed a slight dip to $309.5MM, or $1.29 per share, as one of its key transactions got shifted to the upcoming quarter.
$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 The aggregate of the notes that were validly tendered and not validly withdrawn is $565.92MM.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.