LSB Industries to lose $2M per week for plant work
OKLAHOMA CITY (AP) — LSB Industries Inc. said Wednesday that it shut down its main ammonia plant for six to eight weeks because of unexpected maintenance work, and the company will lose $2 million a week during the outage.
LSB shares fell $1.90, or 5.6 percent, to $31.80 in afternoon trading.
The company said it had planned to install a new ammonia converter to boost capacity in January, "but this outage began earlier and is likely to be longer" than expected because of a problem with a compressor at the plant in Pryor, Okla.
The company said operating income will fall until production resumes. Last year the company's operating income was $84 million on revenue of $805.3 million.
LSB makes heating and air conditioning products for homes and commercial buildings, including geothermal and water-source heat pumps, fan coils and chillers. It also makes chemicals for agricultural, mining and industry.