MONTREAL, July 24, 2019 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) ("5N Plus" or the "Company"), a leading producer of engineered materials and specialty chemicals, today announced that it has begun to execute a plan to invest over $10 million (USD) in process technologies aimed at substantially increasing capacity of the existing assets while enhancing capability along with providing notable environmental benefits in local communities. The investment package is expected to be focused on select sites in North America, Europe and China. The plan is expected to be fully implemented by the third quarter of 2020 with certain investments to be fully commissioned prior to that date. The average payback for this tranche of investments is estimated at about three years.
As per the Company's 5N21 strategic plan ("5N21") launched in 2016, Management has limited capital expenditures to $50 million (USD) over 5 years and this package of investments is part of this total sum. 5N21 has been designed to transform the Company and aims to significantly enhance its earnings.
Paul Tancell, Executive Vice President of Eco-Friendly Materials commented "We are experiencing strong demand for a number of our products and with select investments in process technology, we will markedly enhance productivity while increasing production throughput across our existing assets with emphasis on sustainably and managing our leadership position in the industry and the communities we serve."
Nicholas Audet, Executive Vice President of Electronic Materials added "Through targeted investments, we will accentuate our leadership position in high purity materials and will ensure optimal positioning to capture the growth opportunities foreseen in the markets of security, aerospace, sensing, imaging and renewable energy. Upon implementation, we will increase production capacity, improve yields and will further reduce the environmental footprint of our activities."
About 5N Plus Inc.
5N Plus is a leading global producer of engineered materials and specialty chemicals with integrated recycling and refining assets to manage the sustainability of its business model. The Company is headquartered in Montreal, Québec, Canada and operates R&D, manufacturing and commercial centers in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to manufacture products which are used as enabling precursors by its customers in a number of advanced electronics, optoelectronics, pharmaceutical, health, renewable energy and industrial applications. Many of the materials produced by 5N Plus are critical for the functionality and performance of the products and systems produced by its customers, many of whom are leaders within their industry.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risk and Uncertainties" of 5N Plus' 2018 MD&A dated February 26, 2019 and note 12 of the unaudited condensed interim consolidated financial statements for the three-month periods ended March 31, 2019 and 2018 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE 5N Plus Inc.
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