Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

LSB Industries Bows To Activist Investor

by Marc S. Reisch
May 4, 2015 | A version of this story appeared in Volume 93, Issue 18

LSB Industries, a maker of agricultural and mining chemicals, has named five new members to its board to avoid a proxy fight with activist investor Starboard Value. Two existing directors stepped aside to make way for Starboard-backed directors including Louis Massimo, a former Arch Chemicals executive. LSB says it now plans to separate its chemical business from its climate control products business and set up a master limited partnership for the chemical operations. In response to the news, credit rating agency Moody’s revised its outlook on the firm’s debt to negative from stable. Some of the director changes are positive, Moody’s says, but many directors on the 13-member board “do not have plant-level manufacturing experience.”

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.