Lonza Sales its Painesville Fatty Acids and Glycerine Plant

07-Jan-2003

On December 31, 2002, Lonza Inc. and Twin Rivers Technologies Inc. completed the transfer of business and assets of the Painesville, Ohio fatty acids and glycerine manufacturing facility to Twin Rivers from Lonza. Effective January 1, 2003, the 60 people affiliated with the Painesville plant became employees of Twin Rivers Technologies. The action to sell Painesville to Twin Rivers was initially announced on September 4, 2002. It is always difficult to make a change that affects Lonza personnel and our business. We believe that the sale of Painesville will be successful for all parties concerned. The business transfers to a Company that is dedicated to the growth of its investments in fatty-acid markets. LPC will be able to focus its efforts on products and services where the Business Sector can establish a competitive advantage and achieve double digit growth. The Painesville plant became the property of Lonza Inc. along with the Williamsport manufacturing facility in 1986 with the Company's acquisition of Glyco Inc. Painesville has been supplying fatty acids to Williamsport as an intermediate in derivative manufacturing for over 35 years. 1982 saw the completion of the first fatty acid expansion and the inclusion of a glycerine refining unit. From that time, fatty acids and glycerine were sold on the merchant market as well as to Williamsport. A second expansion was completed in 1997 when a kosher facility was added to the Plant's capabilities - allowing for sales to a broader range of food and personal care manufacturers. Lonza Performance Chemicals will remain a customer for Painesville's kosher and technical fatty acids and glycerine. We will continue to remain in contact with our long time colleagues to whom we wish the best.

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