AdvanSix Issues Statement on Phenol Customer Force Majeure
AdvanSix Inc. (ASIX)
Last advansix inc. earnings: 5/1 06:31 am
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Source: Business Wire
PARSIPPANY, N.J.--(BUSINESS WIRE)-- AdvanSix (NYSE: ASIX) today informed its phenol customers that it is declaring force majeure as a result of shortages and delivery delays of its key raw material, cumene. The Company’s cumene deliveries have been reduced driven by weather-related logistics disruptions in the Gulf Coast area and supplier operational constraints. As a result of this force majeure event, phenol production at the Company’s Frankford, Pennsylvania facility and caprolactam production at its Hopewell, Virginia facility have been reduced. “We are actively working with a number of suppliers to mitigate the impact of the reduced output on our customers’ operations,” said Erin Kane, president and CEO of AdvanSix. “We are confident in our action plan to return to planned utilization rates, which is expected in approximately two weeks.” The Company expects to incur an approximately $8 to $1
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