01 November 2013 13:33 [Source: ICIS news]LONDON (ICIS)--Texas-based ammonia and urea ammonium nitrate (UAN) solutions manufacturer CVR Partners on Friday announced the retirement of president and CEO, Byron Kelley, effective 1 January 2014.
He will be replaced by Jack Lipinski, who held the same two positions prior to Kelley's appointment in May 2011, the Sugarland-headquartered fertilizer products company said in a statement accompanying its third quarter results.
Lipinski, who also serves as president and CEO of CVR Energy, which owns a majority of the common units of CVR Partners, said: "Byron was kind enough to come out of retirement to lead CVR Partners shortly after the company completed its initial public offering. I want to personally thank Byron for his contributions to CVR Partners and wish him and his family well."
Citing lower ammonia and UAN prices, CVR Partners posted a sharp fall in third quarter net profit to $19.7m (€14.6m) from $31.6m in the year-ago period as net sales slipped to $69.2m from $75m in the same quarter of 2012.
"The completion of our plant expansion project earlier this year resulted in record production of UAN [239,300 tonnes versus 181,900 tonnes in the year-ago-period] during the third quarter," Kelley said.
"We are also pleased with the continued high production rates we have seen following our previously announced planned shift reactor catalyst replacement in late July."($1 = €0.74)
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