28 February 2013 14:25 [Source: ICIS news]
HOUSTON (ICIS)--Rentech plans to close its research and product demonstration unit for alternative energies and technologies at ?xml:namespace>
Rentech's move comes as its does not expect the
The company added that it would instead focus on “more immediate growth opportunities within the energy industry that do not rely on new technologies”.
Rentech plans to axe the jobs in the first half of 2013. It will try to sell the product demonstration unit, as well as 450 acres of land in
With the closure of the facility, Rentech expects expenses related to its research activities and technologies to fall by about $11.0m (€8.4m) to $10.0m this year.
Rentech also expects to record a one-time $16m impairment charge to intangible assets related to its technologies, it added.
($1 = €0.76)
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