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January 21, 2014
07:15 EDTLXULSB sees 3-year plan for Chemical, Climate Control business to up EBITDA
LSB Industries announced that its board of directors has reviewed the open letter issued by Engine Capital and has issued its response to LSB shareholders. The Board and management team said, "our three-year operating and capital plan for our Chemical and Climate Control businesses will significantly increase EBITDA." The Company is making investments in LSB’s Chemical facilities necessary to drive growth and value creation, and better position LSB to capitalize on favorable market dynamics. LSB’s three-year capital spending plan includes, $250M-$300M for the construction and completion of an ammonia plant at the El Dorado facility. It also includes $120M for the new 65% nitric acid plant and concentrator also at the El Dorado facility. Taken together, the capital investments in the El Dorado facility, once complete, are expected to contribute approximately $90M-$100M of incremental annual EBITDA, based on anticipated market conditions. It also includes $50M-$75M in plant reliability enhancements, and environmental and safety upgrades at all of our chemical facilities and $35M-$40M for the development of the Zena natural gas leasehold.
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