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5N Plus Announces 5N Plus Belgium SA's Intention to Close its Tilly, Belgium Facility
5N Plus Announces 5N Plus Belgium SA's Intention to Close its Tilly, Belgium Facility ...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n \n \n \n 5N Plus Announces 5N Plus Belgium SA's Intention to Close its Tilly, Belgium Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n 5N Plus intends to exit production of low-margin lead-based products for Industrial and Catalytic & Extractive sector applications\n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n May 18, 2022\n \n \n /CNW Telbec/ -\n \n 5N Plus\n \n Inc. (TSX: VNP) (\"5N Plus\" or the \"Company\"), a leading global producer of specialty semiconductors and performance materials, announced today that 5N Plus Belgium SA, one of its subsidiaries, intends to halt production at its manufacturing facility in Tilly,\n \n Belgium\n \n and proceed with the site's closure.\n \n \n \n \n \n \n \n \n \n The Tilly,\n \n Belgium\n \n site manufactures lead-based products and nitrate chemicals, primarily for applications in the Industrial and Catalytic & Extractive sectors and employs 68 people.\n \n \n Notwithstanding numerous optimization measures and investments made over the years to improve the site's competitiveness, the Tilly facility has been an unprofitable and high-cost operation for several years, a situation that has been exacerbated by current market and economic conditions, and further eroding its product margins. In addition, significant capital would be required in the near term to maintain the operations permit in compliance with environmental standards related to the production of lead-based products. 5N Plus Belgium SA's announcement of its intention to close the facility follows an ongoing and careful strategic review of legacy operations by the Company.\n \n \n \"With no earnings or margin improvements in sight on the lead-based products it manufactures, and given the significant additional capital required to maintain operations, our current activities in Tilly are no longer economically viable or compatible with our long-term strategy, aimed at positioning 5N Plus for growth in value-added markets,\" said\n \n Gervais Jacques\n \n , Pres...