Pioneer Announces the Sale of a Facility in Tacoma, Washington
05 Januar 2006 - 5:09PM
PR Newswire (US)
HOUSTON, Jan. 5 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc.
(NASDAQ:PONR) announced that its U.S. operating subsidiary, Pioneer
Americas LLC, has sold a site in Tacoma, Washington, that Pioneer
Americas previously used as a terminal and chlor-alkali
manufacturing facility. Pioneer Americas purchased the site in 1997
from an affiliate of Occidental Chemical Corporation. In March
2002, Pioneer terminated the site's use as a chlor- alkali
manufacturing facility because of increased power costs caused by
the power crisis in the western United States, combined with
declining regional demand for chlorine and caustic soda. The recent
sale was to Mariana Properties, Inc., an affiliate of Occidental
Chemical Corporation. While Pioneer did not receive a material
amount of cash proceeds as consideration for the sale, the
transaction will benefit Pioneer in the future since Mariana has
assumed Pioneer's environmental remediation obligations, if any,
that arise from the historical use of the site. The transaction
resulted in an approximate $4.5 million reduction in Pioneer's
environmental reserves, relating to the termination of Pioneer
Americas' previous obligation to assume any residual remediation
activities not completed by Occidental Chemical Corporation by
2027. Pioneer Americas also owns and operates a bleach production
and chlorine repackaging facility in Tacoma, which was not affected
by the recent transaction. Pioneer, based in Houston, manufactures
chlorine, caustic soda, bleach, hydrochloric acid and related
products used in a variety of applications, including water
treatment, plastics, pulp and paper, detergents, agricultural
chemicals, pharmaceuticals and medical disinfectants. Pioneer owns
and operates four chlor-alkali plants and other downstream
manufacturing facilities in the United States and Canada. Certain
statements in this news release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act.
Forward- looking statements relate to matters that are not
historical facts. Such statements involve risks and uncertainties,
including, but not limited to, the risks and uncertainties
described in Pioneer's filings with the Securities and Exchange
Commission. Actual outcomes may vary materially from those
indicated by the forward-looking statements. DATASOURCE: Pioneer
Companies, Inc. CONTACT: Gary Pittman of Pioneer Companies, Inc.,
+1-713-570-3200 Web site: http://www.piona.com/
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