Business
Superior Plus Provides Update on its Chilean Facility
Superior Plus Provides Update on its Chilean Facility
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 1, 2010 (Canada NewsWire Group) -- /CNW/ -- Superior Plus Corp. (\"Superior\") extends its deepest sympathies to the people of Chile in the aftermath of the devastating earthquake on Saturday, February 27, 2010. None of Superior's employees were injured and the facility has been safely secured with no safety or reportable environmental incidents as a result of the earthquake.Superior's 55,000 metric tonne, sodium chlorate facility located in Mininco, Chile has been subject to some damage, the extent of which at this point has not been conclusively determined, and as a result, the facility has been safely shut down. The facility, which was completed in 2006, was built in accordance with strict Chilean earthquake related building standards, which appears to have mitigated the extent of the damage. Superior has direct and ongoing communication with management at the facility and is continuing to assess the impact of the earthquake. A thorough commissioning risk assessment is planned before the facility is restarted. Superior's insurance includes physical property damage and business interruption coverage caused by the earthquake. In addition, Superior is in contact with CMPC Celulosa S.A. the primary purchaser of sodium chlorate from the facility, to assess the state of its pulp and paper mills located in Chile. The facility represents approximately 11% of Superior's annualized sodium chlorate manufacturing capacity.About the Corporation---------------------Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates and related fixed-price energy services; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.Superior's shares and convertible debentures trade on the TSX as follows:TradingSymbol Security Issued and Outstanding-------------------------------------------------------------------------SPB Common Shares 104.9 millionSPB.db.b 5.75% Debentures, Series 1 $174.9 million principal amountSPB.db.c 5.85% Debentures, Series 1 $ 75.0 million principal amountSPB.db.d 7.5% Debentures $ 69.0 million principal amount-------------------------------------------------------------------------Forward Looking InformationCertain info...