East Dubuque Facility Helps Parent Company Attain Goals
Posted on: Friday, 29 February 2008, 00:00 CST
redorbit.com
By Theresa Riniker
Rentech Energy Midwest Corp. (REMC), the fertilizer plant owned by Rentech Inc. of Denver and located east of East Dubuque along US 20, is listed as a primary source of the financial stability attained by the parent company in 2007.
In a letter to shareholders dated Feb. 22, company president and CEO D. Hunt Ramsbottom, noted that, "In light of better than anticipated pricing and demand for REMC fertilizer products this year, we are revising upward our financial 2008 REMC " projections to over $40 million from over $35 million " With the cash flow at REMC and other potential sources of cash, we believe we have sufficient liquidity to operate our business through the fiscal year."
The company's plans to build a coal gasificiation facility at the East Dubuque fertilizer plant was scuttled late in 2007, primarily due to concerns about the sequestration of carbon monoxide (commonly known as greenhouse gas) generated during the gasification process. Instead, the plant, expected to cost over $1 billion, is slated for construction at Natchez, Miss., near a carbon-carrying storage pipeline.
Rentech is a technology company dedicated to the development of alternative fuels, including ultra-clean diesel fuel from gasified coal and biomass.
The East Dubuque facility now employs around 140 people and additional staff hires are anticipated.
(c) 2008 Telegraph - Herald (Dubuque). Provided by ProQuest Information and Learning. All rights Reserved.
Source: Telegraph - Herald (Dubuque) |
