LSB Industries, Inc. Announces That Its Agreement to Sell Its Climate Control Business to Nibe Industrier AB Has Obtained HSR Act Clearance from the U.S. Federal Trade Commission
By Business Wire News
By Business Wire News
LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced that the agreement between Nibe Industrier AB (publ) (NIBE) and LSB Industries (LSB) on the sale and transfer of LSB’s Climate Control Business to NIBE has been cleared by the U.S. Federal Trade Commission in accordance with the United States Hart-Scott-Rodino Antitrust Improvements Act. Closing of the transaction, which includes 100 % of the shares of the Climate Control Business, is estimated to take place during the first week of July.
About LSB Industries
LSB is a US-based manufacturing company. LSB’s principal business activities consist of the manufacture and sale of chemical products for the agricultural, mining, and industrial markets, and the manufacture and sale of commercial and residential climate control products, such as water source and geothermal heat pumps, hydronic fan coils, modular chillers, large custom air handlers and make-up air units. LSB has been listed since 1969 with its shares today being traded on NYSE (NYSE: LXU).
NIBE is an international heating technology company. Operations are conducted within three business areas – NIBE Climate Solutions, NIBE Element and NIBE Stoves – all of which work according to a single vision of creating world-class solutions in sustainable energy. The group has approximately 11,000 employees and operations in Europe, North America, Asia and Australia. Each business area has its own operational management with responsibility for profits. NIBE has been listed under the name NIBE Industrier on Nasdaq Stockholm, Large Cap list, since 1997, with a secondary listing on the SIX Swiss Exchange since 2011.
Forward Looking Statement
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by use of the words “will”, “believes”, “expects”, “estimates”, “intends”, “anticipates”, “plans to”, “should”, “estimates”, “projects”, or similar expressions, including, without limitation, LSB’s plans and expectations with respect to the divestiture of CCB; pay down of debt; improved financial flexibility, capital structure, and chemical plant on-stream rates; enhanced reliability, performance, profitability and generation of cash flow from our facilities; and continued investment in improvement of plants.
Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risk and uncertainties. Though we believe that expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectation will prove to be correct. Actual results may differ materially from the forward-looking statements as a result of various factors, including, but not limited to: the possibility that the transaction is delayed or does not close, including due to the inability of LSB and NIBE to obtain all approvals necessary or the failure of other closing conditions; general economic conditions; weather conditions; increased costs to complete the El Dorado project; ability to install necessary equipment and renovations at our Facilities in a timely manner; changes to federal legislation or adverse regulations; increased competitive pressures, domestic and foreign; ability to complete transactions to address our leveraged balance sheet and cash flow requirements; loss of significant customers; increased costs of raw materials; and other factors set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in our Form 10-K for the year ended December 31, 2015 and, if applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K, which contain a discussion of a variety of factors which could cause future outcomes to differ materially from the forward-looking statements contained in this release. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this press release except as required by applicable law.
LSB Industries, Inc.
Mark Behrman, 405-235-4546
Chief Financial Officer
The Equity Group Inc.
Fred Buonocore, 212-836-9607
Kevin Towle, 212-836-9620