Nashtec's current supply of APYRAL® 40 CD for its customers is secure
On Monday January 11, 2016, Nashtec’s supplier of aluminum hydroxide required for the production of APYRAL® 40 CD, Sherwin Alumina LLC, filed a petition in the U.S. Bankruptcy Court in Corpus Christi, Texas, for relief under chapter 11 of the U.S. Bankruptcy Code. Sherwin is continuing to operate its business in the ordinary course while under bankruptcy court protection. At the Nashtec facility, this will also cause no supply limitations to the customers. Sherwin’s filings with the bankruptcy court included a proposal to sell its alumina production plant and all of its other assets to Corpus Christi Alumina LLC, a Delaware limited liability company, or to a third party that presents a higher and better bid. Until the proposed sale is approved by the bankruptcy court to Corpus Christi Alumina or a higher and better bidder, and a sale to the successful bidder is consummated, Nabaltec expects that Sherwin will supply Nashtec with aluminum hydroxide under the terms of the existing supply agreement between Sherwin and Nashtec. Upon consummation of the sale of the alumina production plant, the supply of aluminum hydroxide may be subject to a further agreement to be concluded between Nashtec and the buyer.
Nabaltec AG, with registered office in Schwandorf, a chemicals business which has received multiple awards for innovativeness, manufactures, develops and distributes highly specialized products based on aluminum hydroxide ("ATH") and aluminum oxide, as well as other raw materials, on an industrial scale through its "Functional Fillers" and "Technical Ceramics" divisions. The company's product range includes halogen-free flame retardant fillers and eco-friendly additives for the plastics industry. Flame retardant fillers are used e.g. in cables in tunnels, airports, high-rise buildings and electronic devices, while additives replace stabilizers containing heavy metals in PVC processing. Nabaltec also produces base materials for use in technical ceramics, the refractory industry and catalysis. Unlike halogenated flame retardant fillers, the products manufactured by the company's "Functional Fillers" division contain no hazardous substances and do not require separate disposal. Rather, the company's flame retardant fillers actually decrease the development of fumes hazardous to human health and the environment in the event of fire. Nabaltec maintains production sites in Germany and the US and plans to continue to consolidate its market position by expanding capacity, further optimizing processes and quality and making strategic extensions to its product range. On the strength of its specialty products, the company strives to attain the market leadership in each segment.