Hanfeng to reduce under-performing activities and facilities in China.
Jul. 30, 2012
Going forward, the primary use of the Jiangsu facility will be the ongoing training of existing and future staff, and research and development of advanced fertilizer products and technologies. Training will initially be focused on existing staff from the Indonesian Joint Venture, both for the current operations in Surubaya, Indonesia as well as in preparation for the future planned expansion in Indonesia. The Company will also train any future licensees of Hanfeng's technology. In addition, the Jiangsu facility will continue to produce certain specialty fertilizer products for commercial sale to local customers of a targeted minimum of 25,000 metric tons per annum. This decision to refocus the facility is a result both of the loss of a local urea supplier as previously disclosed, which led to decreased competitiveness in a challenging local market, as well as increased demands for training.
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