TOR Minerals Receives $11 Million Purchase Order for Synthetic Rutile TiO2
www.cnchemicals.com Time：2013-05-14 Sources of information：www.cnchemicals.com
TOR Minerals International, producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers, announced on May 21 that it has received a purchase order from a major international chemical customer to supply synthetic rutile titanium dioxide feedstock in an aggregate amount of $11 million. The Company expects to ship and recognize revenue for the entire transaction late during the second quarter of 2012.
"This order has a positive effect on our second quarter financial results. In addition to incremental gross profit contribution, the order should increase the utilization of our Malaysian plant and allow us to capture previously unabsorbed fixed costs," stated Dr. Olaf Karasch. "After fulfilling this purchase order, the balance of our inventory and feedstock production capacity for 2012 will be used for our internal needs. Long-term market conditions for the titanium dioxide feedstock appear to be favorable, and as such, we are exploring alternatives for delivering feedstock material to third parties during 2013 and on a regular basis thereafter."
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