Oklahoma City-LSB Industries Inc. President and CEO Jack E. Golsen recently told The Daily Oklahoman that the company has just completed what is certainly going to be a record year for LSB in all respects. He said both core businesses – climate control equipment and industrial and agricultural chemicals – are market and technology leaders in their products. In addition, the company’s geothermal heat pump business has taken off as a green technology. “This business has grown dramatically over the last few years,” said Golsen. “We’ve had many local plant expansions, we’ve hired hundreds of new employees and we’re now a very major employer in Oklahoma City.” Moving into 2008, Golsen said the company is well-positioned to maintain its strong competitive position in its chosen markets. “This is a very gratifying position for us to be in because we’re heading into our 40th year as a publicly traded company,” he said.
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Athabasca reports movement on Burr project
Saskatoon-Upstart potash exploration company Athabasca Potash Inc. is on the move to explore its Burr Project near the town of Lanigan. It reports that Boyd Exploration Consultants Ltd. has completed a 3D seismic survey over a portion of the project area. Athabasca has also engaged Wardrop Engineering Inc. to complete the enhanced scoping study for the project; it is expected to be completed in the first half of 2008. In addition, Athabasca has received the analytical results from the drill core submitted to the Saskatchewan Research Council in late 2007. Approximately 250 samples from five new drill holes completed in the fall of 2007 were submitted. Athabasca is compiling the assay results and expects them to be available by the end of January. “This is a very exciting time for Athabasca,” said Dawn Zhou, president. “We are being very aggressive in completing the necessary ground work to move the project ahead as rapidly as we can. The fundamentals that support the need for a new Saskatchewan potash mine continue to exist despite the challenges facing the North American economy. The changing diets in the growing middle-class in the emerging markets of Asia will continue to drive the demand for potash.”
ICL unit buys Henkel water treatment assets
Tel Aviv-ICL Performance Products, a unit of Israel Chemicals Ltd., said Jan. 13 that it has acquired substantially all the business operations and assets of the industrial water treatment business unit of Henkel KGaA for $89 million. The addition will move ICL Performance annual revenues to $1.1 billion. Henkel Water Treatment, a major supplier of European water treatment chemicals, will become a part of the ICL Performance Products segment, giving the segment annual revenues of approximately $1.1 billion. As part of this transaction, ICL will acquire the shares of Henkel Concorde, a French company active in the water treatment field. Currently, HWT employs approximately 180 people in sales, service, and R&D and in the production plant in Henkel Concorde. As a result of the acquisition, ICL will employ most of these employees. Within Henkel’s portfolio the water treatment business is a non-core activity. In 2006, the business unit had sales of about $77 million, gross margin of approximately 53 percent, and operating margin of approximately 13 percent, all based on un-audited data.
Noble rated investment grade
Singapore-Noble Group Ltd. reported Jan. 17 that it has been rated investment grade by Fitch Ratings service. Fitch assigned a long-term issuer rating of BBB- and a similar rating to the Group’s $700 million senior unsecured notes. The rating cited “Noble’s robust revenue and profit generation,” whereby revenues and gross profits have risen “at cumulative growth rates of 51 percent and 47 percent over the past 5 3/4 years.” In addition, the ratings opinion noted Noble’s “execution of its ‘pipelines’ strategy, in which the company owns and/or operates businesses at various stages of the product supply chains as underpinning the growth of its business franchise.” The credit opinion also noted, “Noble’s diversity of products and markets/sectors, geographic diversity in terms of revenue generation, and leading market position in its key commodity products have helped to reduce its exposure to commodity price cyclicality.” Noble manages a diversified portfolio of raw materials from over 80 offices in more than 40 countries. A team of 10,000 people serves approximately 4,000 customers. With Q3 07 revenues reaching US$15.7 billion, Noble continues its transition to owning and managing more fixed assets, sourcing from low-cost producers such as Brazil, Indonesia, or Australia, and supplying to high growth demand markets, including China, India, and the Middle East. Noble recently appeared on the Forbes Global 2000, received The Asset’s coveted Best 60 in Corporate Governance Award, and was selected to the Forbes Fab 50 and S & P Global Challengers. Noble also received the Corporate Governance Recognition Award: Classes Of 2006 and 2007 by Corporate Governance Asia, was named as one of FinanceAsia’s Best Companies, and earned a spot on the new benchmark Straits Times Index (STI).
Second Converted Organics waste-to-fertilizer plant
Boston, Mass.-Converted Organics Inc. has executed an option to lease with the Rhode Island Resource Recovery Corp. (RIRRC) to build a state-of-the-art organic fertilizer facility in Johnston, R.I. The lease option represents the second such contract secured by Converted Organics in two years. The company’s first facility is under construction in Woodbridge, N.J. Converted Organics will construct a 40,000 square foot facility for the processing of organic materials such as food waste into liquid and solid fertilizer products for the retail, turf management, and agribusiness markets. At full capacity, the facility will process up to 200 tons per day, or 60,000 tons annually. The facility will be located on the grounds of RIRRC’s property, which also houses the state’s only active municipal landfill. Material that would otherwise be deposited in the landfill will be diverted to Converted Organics’ new facility, which is anticipated to begin operations in 2009. Converted Organics claims the new facility will increase the recycling rate within Rhode Island while also extending the life of the landfill by eliminating 10-15 percent of the waste currently being deposited there, and will aid in preventing associated increases in greenhouse gas emissions. “This facility represents an important partnership between Converted Organics and RIRRC, and is the first of several municipal development projects our company has underway,” reported Ed Gildea, president, chairman, and CEO. “The option to lease the Rhode Island property for development of Converted Organics’ second facility represents a significant milestone for our company. Converted Organics is now exceptionally well-positioned at the crossroads of three significant global economic trends: the explosive growth in organic farming, the critical need for sustainable solid waste recycling solutions, and the overwhelming demand for green technology investment opportunities.”
N.Y. county bans lawn fertilizing Nov. 1 to April 1
Hauppauge, N.Y.-The Suffolk County legislature has decreed that except for agriculture and golf courses, application of fertilizer will be prohibited every year between Nov. 1 and April 1. Spokeswoman Debbie Epple confirmed that the legislature, concerned about nitrogen pollution in groundwater, adopted the restrictions Dec. 18 with a vote of 14 to 2 with 2 abstentions. All county and non-county owned property except for the exemptions will be affected. “I think our fertilizer bill could be a model for the rest of the nation,” County Executive Steve Levy, who introduced the plan, commented in the local press. “There’s no reason to apply fertilizers to frozen property. It’s a waste of money to a consumer, and the nitrates just wash away. We’re requiring that professional landscapers take a course on better use practices.” One legislator who co-sponsored the measure, Jay Schneiderman, doubted the restrictions would have much impact since golf courses and farmland are exempted. He remarked, “I’m working on a bill that will look at fertilizer use in close proximity to harbors and wetlands, [to] see if there’s a way to restrict that.” At the same time, in Ottawa County, Mich., a ban went into effect Jan. 1 on using fertilizer containing phosphorus on lawns. The county commission in Grand Haven enacted the law in December 2006, calling for a $50 fine for a first offense. Farms and vegetable and flower gardens are exempt, as are turf or lawn areas in the first growing season.
Lyman Group merges with Ag Unlimited
Walnut Grove, Calif.-The Lyman Group Inc., a full service agricultural consulting and products company in Northern California, has reached a deal with Ag Unlimited LLC whereby Lyman will acquire the assets of Ag Unlimited, followed by the merger of the operations and staffing. The operations of the combined businesses will operate under the Ag Unlimited name in California’s north coast markets, where they currently operate. The agreement is expected to close in March with operations fully merged. “I am excited about the opportunity to better service our growers in this premium district of California,” said Group President Les Lyman. Both Ag Unlimited, based in Ukiah, and Lyman, based in Walnut Grove, provide professional consultation, services, and products to wine grape growers and pear growers throughout California’s north coast. Lyman said that Devin Gordon of Ag Unlimited will oversee the expanded Ag Unlimited operation in Lakeport and Ukiah, while the operations of an affiliated company, Agro Tec, will be located in Geyserville and Sonoma. The Lyman Group has been in business for more than 40 years, and currently operates two divisions (Harvey Lyman Company and Harvey Lyman Agservice) from three different locations in Northern California.
AGGRAND placed on organic food list
Superior, Wisc.-AGGRAND, a division of AMSOIL Inc., says its 4-3-3 all-natural crop, lawn, and garden fertilizer has been registered with the Washington State Department of Agriculture organic food program and is listed on the WSDA website brand name materials list as an approved product for use in organic food production. “This is so good for our customers and for AGGRAND,” said Greg Sawyer, AGGRAND manager. Washington state’s organic food program created the list of brand name materials to be used in organic food production and handling. The list is posted on the WSDA website and mailed to all certified organic producers, processors, and handlers. Updates are published every quarter. According to Sawyer, “We’ve been working toward getting this approval for a number of years. It means our ingredients pass the USDA-National Organic Program standards. And we are approved by the Washington State Dept. of Agriculture, which has some of the highest standards in the industry. Being approved for use in organic food production opens many doors to the sustainable agriculture market. As Americans learn more about nutrition and the dangers of chemical processes, they are seeking ‘natural’ foods – foods that are free of chemicals, grown in nutrient-rich soil.” AGGRAND markets include organic crop production, green retailers, high end nurseries, specialized nurseries, health food co-ops, home gardeners, organic cattle and beef production, organic dairy production, field and pasture production, horse and grazing production such as horse racing and jumping, hay production, and organic flower production. AGGRAND is also pursuing organic approval for its kelp and sulfate of potash 0-0-8.
PotashCorp picked by Fortune
Saskatoon–Fortune Magazine has picked Potash Corp. of Saskatchewan Inc. as one of the top five foreign stocks of 2008. Others named included Bank of Ireland, Mobile Telesystems, iShares MSCI Brazil Index, and GlaxoSmithKline. “We are a global corporation proud to be headquartered in Saskatchewan,” PotashCorp President and CEO Bill Doyle was quoted in The Star Phoenix. “This recognition by Fortune Magazine is evidence of the following we have from investors around the world.”
Iowa farmers doing well protecting watersheds
Des Moines-The state’s new watershed quality planning task force didn’t pay much attention to fertilizer in its waterway cleanup plan, which involves making a detailed assessment of the needs and creating a state water resources council, according to agriculture interests. “They didn’t focus that much on fertilizer,” reported Rick Robinson, Iowa Farm Bureau environmental policy adviser. “It didn’t turn out to be an anti-fertilizer thing, which I consider as positive.” The task force delivered its recommendations to the legislature six months early so lawmakers can focus on the $13.5 million the task force says is needed to establish the council and prioritize the watershed projects. One of the reasons agriculture didn’t get major mention could have been a new study by Iowa State University researchers showing that Iowa farmers already have made good progress cleaning up the state’s 13 watersheds. ISU’s Center for Agricultural and Rural Development reported that $435 million was spent on conservation practices, reducing total nitrogen by up to 38 percent, nitrates by up to 28 percent, and phosphorus by up to 58 percent. The study, “Conservation Practices in Iowa: Historical Investments, Water Quality and Gaps,” was conducted with funding by the Leopold Center for Sustainable Agriculture, Iowa Farm Bureau, Iowa Soybean Assn., and Iowa Corn Growers Assn. It examined the effectiveness of conservation practices, including terraces and grassy waterways, contour, and no-till farming. Robinson explained, “The Iowa Farm Bureau wanted documentation on the water quality effects of farmers’ conservation efforts. We also wanted to know the cost of reaching the EPA’s ‘aquatic life’ targets. We found out that farmers are making a difference in improving Iowa’s water. It also showed achieving the EPA’s aquatic life standards is unattainable with current practices at current funding levels.”