|
 |
Apr-18-2008Imperial Sugar to rebuild damaged Ga. plant(topic overview)
CONTENTS:
SOURCES
FIND OUT MORE ON THIS SUBJECT
SUGAR LAND, Texas -- The Imperial Sugar Co., which processes and markets refined sugar, said it will rebuild the parts of its Georgia sugar refinery that were damaged in a February explosion that killed 13 people. The company said its board authorized management to retain design and engineering services to expedite the rebuilding process at the Port Wentworth refinery. [1] Commenting on the rebuilding, Imperial's president and chief executive officer, John Sheptor said, 'The board's action is a key milestone in our plans to bring the Port Wentworth refinery back online and to re-establish the packaging capacity destroyed in early February. 'Although the past months have been difficult for the Imperial Sugar family, we remain committed to our customers and stakeholders and will emerge from this incident a stronger and more competitive sugar producer.[2]
SUGAR LAND, Texas--( BUSINESS WIRE )--The Imperial Sugar Company (NASDAQ:IPSU) board of directors affirmed its intention to rebuild the parts of its Port Wentworth, Ga. refinery that were damaged in a debilitating incident on Feb. 7, 2008.[3]
While continuing to reach out to employees, families and community leaders in the Port Wentworth area, Sheptor said Imperial Sugar associates and management continue to work tirelessly to achieve critical reconstruction objectives.[3]
The board's affirmation authorizes management to retain design and engineering services to expedite the rebuilding process and continue to work with Imperial Sugar Company insurers to accomplish that goal.[4] For more information about Imperial Sugar, visit www.imperialsugar.com. These include, but are not limited to, unknown refinery damage, unforeseen engineering and equipment delays, results of insurance negotiations, market factors, farm and trade policy, our ability to realize planned cost savings and other improvements, the available supply of sugar, energy costs, the effect of weather and economic conditions, results of actuarial assumptions, actual or threatened acts of terrorism or armed hostilities, legislative, administrative and judicial actions and other factors detailed in the Company ' s Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.[3]
Imperial Sugar said today it will rebuild the sections of the company's Georgia refinery that were damaged or destroyed in a Feb. 7 fire that killed 13 and injured dozens more.[5]
Imperial Sugar Company is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors.[3]
The Sugar Land-based company's board of directors authorized management to hire designers and engineers to help bring the Port Wentworth, Ga. plan back online, according to a news release issued today.[5] Thirteen workers at the Port Wentworth, Ga. facility died following a Feb. 7 explosion that the company said was likely due to the igniting of sugar dust stored in a silo.[6] The company noted that it will work tirelessly along with the employees, families and community leaders in the Port Wentworth area to finish the restoration of the facility at the earliest.[2]
The Port Wentworth facility is the nation's second largest sugar refinery, equivalent to 9% of the total U.S. market.[2]
" The board ' s action is a key milestone in our plans to bring the Port Wentworth refinery back online and to re-establish the packaging capacity destroyed in early February, " said John Sheptor, Imperial ' s president and CEO[3]
Sheptor also noted the company expects the full restoration of packaging capabilities to be completed in the next 12 to 18 months. [3] Imperial said it hopes to restart bulk sugar production during the 2008 calendar year. It added it expects full restoration of packaging capabilities to be completed in the next 12 to 18 months.[1]
The company also noted that the full restoration of the building will take about 12 to 18 months.[2]
As of 5:00 p.m., New York City time, on April 17, 2008, approximately 26.25 million shares of common stock of UAP had been tendered in and not withdrawn from the offer, the company noted.[2]
The company said the nation's second-largest sugar refinery can produce the equivalent of 9 percent of the U.S sugar market.[5] The facility is the nation's second-largest sugar refinery, equal to 9 percent of the total U.S. market.[1]
We intend to build the safest and most modern packaging facility possible,' Sheptor added.[2]
" Although the past months have been difficult for the Imperial Sugar family, we remain committed to our customers and stakeholders and will emerge from this incident a stronger and more competitive sugar producer, " concluded Sheptor[3]
SOURCES
1. Imperial Sugar to rebuild Georgia refinery damaged in blast | Chron.com - Houston Chronicle
2. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
3. Imperial Sugar Board Affirms Intention to Rebuild Damaged Areas of Its Port Wentworth Refinery
4. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News.
5. Imperial Sugar to rebuild damaged Ga. plant | Chron.com - Houston Chronicle
6. Imperial to rebuild Georgia refinery - Houston Business Journal:
GENERATE A MULTI-SOURCE SUMMARY ON THIS SUBJECT:
Please WAIT 10-20 sec for the new window to open...
You might want to EDIT the default search query below:
Get more info on Imperial Sugar to rebuild damaged Ga. plant by using the iResearch Reporter tool from Power Text Solutions.
 |
|  |
|
