LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced that Hector Miravete has joined the Company as Director of Clean Energy, effective May 3, 2021. This newly created position is intended to lead the development and execution of LSB’s recently launched Green Ammonia initiative.
“We are very excited to have Hector join our senior leadership team as our Director of Clean Energy,” stated Mark Behrman, LSB’s President and CEO. “The global focus on reducing carbon emissions is intensifying and Green Ammonia has the potential to play an important role in this critical environmental objective. Hector’s extensive experience, in both commercial and operational roles, makes him highly qualified to lead our efforts in assessing the opportunity in front of us, refining our strategy and deploying our resources to enter the Green Ammonia market in a meaningful way. On behalf of our Board, I’d like to welcome Hector to LSB.”
About Green Ammonia
Green Ammonia is produced using renewable feedstock, specifically hydrogen from water electrolysis and nitrogen separated from the air, rather than natural gas or coal, resulting in a zero CO2 emission process. In addition to its potential as a carbon-free fertilizer, Green Ammonia has tremendous potential as a maritime fuel, an energy source for power generation, and for a broad range of industrial applications in the automotive, construction and food additive markets, among others. Green Ammonia has numerous advantages over other hydrogen sources, including the existence of a well-established global ammonia manufacturing production and distribution infrastructure along with its ease of transport over land and water.
About Hector Miravete
Hector is a chemical engineer with more than 20 years of experience in the petrochemical industry. He possesses a strong commercial, supply chain and process engineering background in nitrogen-based technologies. From 2014 to 2021 he was with Houston-based engineering, procurement and construction firm, KBR Inc., where, since 2016, he served as Global Technology Business Director for the nitrogen-based technology portfolio, which included nitric acid, ammonium nitrate and urea ammonium nitrate manufacturing technologies. From 2012 to 2014 he was with Kalex Fibers, a vertically integrated group of textile manufacturing companies, where he was Global Commercial Director. Prior to that, between 1998 and 2012, Hector was with Dow Chemical Company, where he held positions of increasing responsibility, most recently as Global Product/Integrated Supply Chain Director from 2010 through 2012.
Hector holds a Bachelor of Science in Chemical Engineering from Universidad Iberoamericana in Mexico City, and an MBA from Tecnologico de Monterrey. He also attended executive leadership programs at The University of Chicago Booth School of Business and The Stanford Graduate School of Business.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Additional information about the Company can be found on its website at www.lsbindustries.com.
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC).
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.
Mark Behrman, President & CEO
Cheryl Maguire, Executive Vice President & CFO
Investors: The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Mike Gaudreau (212) 836-9620