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Rentech Announces Organizational Changes

Business Wire, June 30, 2008

Company Also Provides Update on Product Demonstration Unit

LOS ANGELES -- Rentech, Inc. (AMEX:RTK) today announced organizational changes at the Company. Merrick Kerr, Executive Vice President and Chief Financial Officer, will be resigning from the Company effective July 18thto pursue other opportunities. Mr. Kerr's responsibilities will be assumed on an interim basis by Douglas Miller, Executive Vice President and Chief Operating Officer of Rentech, until completion of a search the Company has initiated to identify a permanent Chief Financial Officer.

Mr. Miller, who has a Masters of Business Administration from the University of California, Los Angeles, has significant financial experience, including supervising accounting, finance and budgeting functions of various energy organizations. Mr. Miller also has extensive experience with project financing and corporate mergers and acquisitions.

D. Hunt Ramsbottom, President and Chief Executive Officer of Rentech, said, "With Doug Miller's appointment as Interim CFO and the continuing support of our Chief Accounting Officer, Deb Harshman, we are confident that there will be no disruption to the Company's business or financial reporting and related functions. Doug has had significant financial experience during his 27 years in the energy industry, including 15 years at Unocal." Mr. Ramsbottom continued, "On behalf of all of us at Rentech, I want to thank Merrick for his many contributions to the Company. We wish him the best in his future endeavors."

As part of the new organizational structure, John Diesch, Senior Vice President of Operations, will have his duties expanded to include primary responsibility for overseeing the day-to-day management of the Company's operating assets, including Rentech Energy Midwest Corporation (REMC). Mr. Diesch previously served in various managerial roles at REMC's ammonia fertilizer plant for ten years, most recently serving as the facility's President. Mr. Diesch will continue to report to Mr. Miller.

The Company's technology research and development division and applications engineering division will report to Richard Penning, Executive Vice President of Commercial Affairs for Rentech. Mr. Penning has nearly 30 years of technology experience gained at his previous employment at UOP LLC, a Honeywell company. Moving these divisions from the Operations department of the Company to combine with the Commercial Affairs function will enable the Company to continue its focus on commercializing its technology and meeting the technology needs of its commercial synthetic fuels projects and potential customers, licensees and partners. The successful operation of the Company's Product Demonstration Unit (PDU) is expected to strengthen the Company's commercialization efforts. The organizational change will be effective upon first production at the PDU and the new group will be called Technology Commercialization.

The Company has experienced expected challenges at the PDU while in the commissioning and start-up phase of the facility which the Company is resolving and believes will not cause significant delay in the production of fuels from the PDU. Synthesis gas (syngas) has been successfully produced from the steam methane reformer at the plant, however an issue was identified in the syngas clean-up portion of the PDU which is currently being repaired. Once resolved, syngas will be available for start-up of the Rentech reactor for the production of hydrocarbons. Meanwhile, commissioning, start-up and testing of the remaining principal technologies at the PDU continues.

Harold Wright, Chief Technology Officer of Rentech, said, "We continue to perform tests on the other components and processes at the facility. This testing will help ensure timely production of first fuels at the PDU which we believe will advance the commercialization of our technology."

About Rentech, Inc.

Rentech, Inc. (www.rentechinc.com), incorporated in 1981, provides clean energy solutions. The Rentech Process is a patented and proprietary technology that converts synthesis gas from biomass and fossil resources into hydrocarbons that can be processed and upgraded into ultra-clean synthetic fuels, specialty waxes and chemicals. These energy resources include natural gas, biomass, municipal solid waste, petroleum coke and coal. Rentech Energy Midwest Corporation manufactures and sells fertilizer products including ammonia, urea ammonia nitrate, urea granule and urea solution to the corn-belt region.

Safe Harbor

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the organizational changes in the Company and the timing and circumstances of production at the Company's Product Demonstration Unit. These statements are based on management's current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking are set forth in the Company's press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech's web site at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this release, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

COPYRIGHT 2008 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
 

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