COMPANY CONTACT: Tony M. Shelby
Chief Financial Officer
(405) 235-4546
KCSA CONTACT: Leslie A. Schupak/Joe Mansi
(212) 682-6300, ext. 205/207
November 3, 2000
OTC: LSBD
LSB INDUSTRIES, INC. COMPLETES ACQUISITION
OF CERTAIN LAROCHE ASSETS IN ORDER
TO EXPAND ITS MARKET AREAS AND PRODUCT OFFERING
Oklahoma City, Oklahoma . . . November 3, 2000 . . . LSB
Industries, Inc. (OTC Bulletin Board: LSBD), through wholly
owned subsidiaries, has completed the acquisition of certain
assets located in Crystal City, Missouri and Cherokee, Alabama,
of LaRoche Industries, Inc. ("LaRoche"). The acquisition was
pursuant to an agreement between LSB and Orica USA,
Inc.("Orica"). Orica was the successful bidder in a court
managed auction process to acquire the LaRoche nitrogen products
businesses.
Under the terms of the court approved agreement, the LSB
subsidiaries acquired the Crystal City and Cherokee assets
directly from LaRoche. The assets acquired will be used in
LSB's chemical business, which consists of the manufacture and
sale of nitrogen products for the mining, agricultural and
industrial markets.
Jack E. Golsen, Chairman and President of the Company, stated
that "due to the sustained severe weather conditions in our
traditional Texas agricultural markets over the last four years
it is necessary to expand to other geographical areas and
markets. These assets should allow us to enter new markets with
weather patterns which differ from the Texas weather. In
addition, our chemical business will now produce liquid nitrogen
products as well as solid ammonium nitrate."
LSB Industries is a manufacturing, marketing, and engineering
company with activities on a world-wide basis. The Company's
principal business activities consist of the manufacture and sale
of chemical products, the manufacture and sale of commercial and
residential climate control products, the provision of
specialized engineering services, and other activities.
This press release contains certain "Forward-Looking Statements"
within the meaning of the Private Securities Litigation Reform
Act of 1995. All statements in this press release other than
statements of historical facts that address activities, events,
or developments that the Company expects, believes, or
anticipates will or may occur in the future are Forward-Looking
Statements. This press release includes the Forward-Looking
Statement that these assets should allow us to enter new markets.
An important factor that could cause this Forward-Looking
Statement to differ materially would be the inability of the
Company to successfully sell these products in the new markets.
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