What changed in this filing

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Item 1. Business

2023-03-14 compared with 2022-03-15 · 58 added, 73 removed, 359 unchanged (27% of the section changed)

Business 

FutureFuel Corp.

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and includes our wholly owned subsidiaries) is a Delaware corporation, and, through its wholly-owned subsidiary, FutureFuel Chemical Company, manufactures diversified chemical products, bio-based fuel products, and bio-based specialty chemical products.

Unless otherwise stated, all dollar amounts other than per share amounts are in thousands.

We are headquartered in St.

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Trading of our common stock on the New York Stock Exchange (“NYSE”) commenced on March 23, 2011 under the symbol “FF”.

During 2021, we distributed normal quarterly cash dividends of $0.06 per share and a special dividend of $2.50 per share on our common stock.

During 2022, we distributed normal quarterly cash dividends of $0.06 per share.

Additionally, we have declared normal quarterly cash dividends of $0.06 per share on our common stock for the calendar year 2023.

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We have actively worked to develop our chemicals business with new customers in more diversified growth markets.

Our specialty chemicals business is based on a solid reputation as a technology-driven, highly reliable, and globally competitive specialty chemicals producer.

As part of that focus on growth, we have introduced procedural updates to our operation to allow re-entry to the pharma intermediates market and this capability has been validated by third party audits.

Our chemicals business is based on a solid reputation as a technology-driven, highly reliable, and globally competitive chemicals producer.

We retain a strong emphasis on operational excellence, cost control, and efficiency improvements to enable us to compete in the worldwide chemical industry.

With respect to our biofuels segment, our plant has a demonstrated capacity near 59 MMgy (million gallons per year) with almost 55 MMgy produced during 2021.

With respect to our biofuels segment, our plant has a demonstrated capacity near 59 million gallons per year (“MMgy”) with almost 50 MMgy produced during 2022.

This scale and the design of our plant in Batesville allows us to process a wide variety of feedstocks and continuously achieve high biodiesel yields.

Combined with the synergies of operating a shared chemical manufacturing facility, this has allowed us to be consistently successful in a highly competitive market.

The impact of the COVID-19 pandemic was first felt in the spring of 2020 and coincided with (and contributed to) a sharp decline in energy prices.

In 2021, as markets recovered from the initial shock, those same prices rose sharply and we adapted to new supply chain logistics, both in terms of product availability and increasing costs.

This has required us to be particularly alert to ensure that we maintain the appropriate operating margins for every element of our business, which we have done.

The future impact of the pandemic is still not wholly predictable and we must be prepared to remain agile and flexible in responding to new situations as they develop.

As the market has adapted to the supply chain and logistical impacts of COVID-19, first felt in the spring of 2020 we have remained alert to those conditions to ensure that we maintain the appropriate operating margins for every element of our business.

As markets continue to evolve, we will remain agile and flexible in responding to new situations as they develop.

Narrative Description of Our Business

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For the year ended December 31, 2022, approximately 80% of our revenue was derived from biofuels, 14% from manufacturing specialty chemicals for specific customers (“custom manufacturing”), and 6% of revenues from multi-customer specialty chemicals (“performance chemicals”).

Our biofuels business segment primarily involves the production and sale of biodiesel and petrodiesel blends.

We historically bought and sold refined petroleum products on common carrier pipelines.

However, in 2021, we significantly reduced this activity. 

Our biofuels business segment primarily involves the production and sale of biodiesel and petrodiesel blends. 

Our custom chemicals manufacturing involves producing unique products for strategic customers, generally under long-term contracts.

The custom chemicals manufacturing portfolio includes agrochemicals and intermediates, biocides intermediates, specialty polymers, dyes, stabilizers, and chemicals intermediates.

The custom chemicals manufacturing portfolio includes biocides intermediates, specialty polymers, dyes, stabilizers, oil and gas, and chemicals intermediates.

Our performance chemicals product portfolio includes polymer modifiers that enhance stain resistance and dye-ability to nylon and polyester fibers, in addition to several small-volume specialty chemicals and solvents for diverse applications.

We are committed to growing our biofuels and chemicals businesses.

We are committed to growing and adapting our biofuels and chemicals businesses.

For the biofuels business segment, we will continue to leverage our technical capabilities and quality certifications, secure local and regional markets, and expand marketing efforts to fleets and regional/national customers.

For our chemicals segment, we intend to pursue development and commercialization of new products, including building block chemicals and intermediate chemicals requiring Good Manufacturing Practices (GMP).

GMP is a recognized and auditable system ensuring products are produced consistently and controlled according to strict quality standards.

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GMP complements the Company’s current and active quality registrations, including ISO 9001 and BQ9000, and will benefit our custom chemicals business.

GMP will open growth opportunities for the Company to serve customers active in the pharmaceuticals intermediates, food ingredients, and other fine chemicals segment. While pursuing this strategy, we will continue our efforts to establish a name identity for both segments.

GMP will open growth opportunities for the Company to serve customers active in the pharmaceutical intermediates, food ingredients, and other fine chemicals segment. While pursuing this strategy, we will continue our efforts to establish a name identity for both segments.

Biofuels Business Segment

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In addition, we sell petrodiesel in blends with our biodiesel and, from time to time, with no biodiesel added.

Finally, we were a shipper of refined petroleum products on common carrier pipelines, and bought and sold petroleum products to maintain our active shipper status on these pipelines.

During 2021, we made the decision to step back from this activity and impaired the value of the related intangible asset. 

See Note 10 to our consolidated financial statements ended December 31, 2021.

Biodiesel is a renewable energy product consisting of mono-alkyl esters of fatty acids.

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Biodiesel Production/Capacity

While biodiesel can be made from various renewable sources, the choice of feedstock to be used at any particular facility is determined primarily by the price and availability of each feedstock variety, the yield loss of lower quality feedstock, and the capabilities of the producer’s biodiesel production facility.

While biodiesel can be made from various renewable sources, the choice of feedstock to be used at any particular facility is determined primarily by the price and availability of each feedstock variety, the yield of biodiesel achieved from that feedstock, and the capabilities of the producer’s biodiesel production facility.

In addition, the chemical properties of the biodiesel (e.g., cloud point, pour point, and cetane number) depend on the type of feedstock.

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The largest incentive program at this time is the federal mandate enacted by Congress as part of the Energy Policy Act of 2005 (the “2005 Act”).

The 2005 Act included a number of provisions intended to spur the production and use of biodiesel.

The 2005 Act included several provisions intended to spur the production and use of biodiesel.

In particular, the 2005 Act’s provisions included biodiesel as part of the minimum volume (i.e., a mandate) of renewable fuels (the “renewable fuels standard”

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The biomass-based diesel mandate rose annually and reached 2.43 billion gallons per year in 2021.

In December 2021, EPA published a proposed rule for the RFS volume requirements for 2020, 2021, and 2022 that contains a number of actions. 

Included in that proposal is a reduction of previously finalized volumes for 2020, 2021, and to set 2020, 2021 and 2022 proposed volumes below the statutory targets. 

The proposed reduction is based on significant and unanticipated events such as COVID.

The following table shows the finalized and proposed volume requirements by the USEPA with a modest growth rate in biomass-based diesel.

On June 3, 2022, USEPA finalized a package of actions setting biofuel volumes for the Renewable Fuel Standard (RFS) program for years 2020, 2021, and 2022, and introducing regulatory changes intended to enhance the program’s objectives, reducing previously finalized volumes for 2020 and 2021. 

The reduction is based on significant and unanticipated events such as COVID.

The following table shows the finalized volume requirements by the USEPA with a modest growth rate in biomass-based diesel.

Renewable Fuel Volumes*

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Renewable fuel (billion gallons)

Implied conventional biofuel (billion gallons)

Units for all volumes are ethanol-equivalent, except for biomass-based diesel volumes, which are expressed as physical gallons.

The 2020 biomass-based diesel volume requirement was established in the 2019 final rule (40 CFR 80.1405, December 19, 2019).

The 2021 biomass-based diesel mandate was established in the 2020 RFS annual rule (85FR 7016, February 6, 2020). 

The remaining mandates for 2021 and 2022 are proposed volumes.

See https://sgp.fas.org/crs/misc/R43325.pdf

See https://www.epa.gov/renewable-fuel-standard-program/final-volume-standards-2020-2021-and-2022#rule-summary

 USEPA Proposed Volumes, December 1, 2022

Federal Blenders ’

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Biodiesel tax incentives have been provided through various federal statutes, including the 2005 Act and the American Jobs Creation Act, and later, the Emergency Economic Stabilization Act of 2008.

The most important of these is the one dollar per gallon Blenders' Tax Credit ("BTC") applicable to all biodiesel.

The most important of these is the one dollar per gallon Blenders' Tax Credit (“BTC”) applicable to all biodiesel.

This credit has lapsed and been reinstated numerous times over the last decade.

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For each of these years, the BTC was retroactively reinstated.

The longest period of retroactive reinstatement was in late December 2019 which reinstated the credit for 2018 through December 31, 2022 (the longest continually established period in law).

The longest period of retroactive reinstatement was in late December 2019 which reinstated the credit for 2018 through December 31, 2022.

The Inflation Reduction Act of 2022 extended the credit through December 31, 2024.

Like the BTC, the small agri-biodiesel credit was not in place for the majority of 2019.

The small agri-biodiesel credit provides for an annual tax incentive in the amount of $0.10 per gallon on the first 15 million gallons of qualified agri-biodiesel produced.

In late December 2019, the small agri-biodiesel credit was retroactively reinstated from its expiry on January 1, 2018 through December 31, 2022.

In late December 2019, the small agri-biodiesel credit was retroactively reinstated from its expiry on January 1, 2018 through December 31, 2022 and was also extended to December 31, 2024 by the Inflation Reduction Act of 2022.

State Incentives

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for purposes of the RFS2 mandate.

FutureFuel continues to operate under the most recently published version of ASTM D6751, Standard Specifications for Biodiesel Fuel Blend Stock (B100) for Middle Distillate Fuels.

The Company continues to operate under the most recently published version of ASTM D6751, Standard Specifications for Biodiesel Fuel Blend Stock (B100) for Middle Distillate Fuels.

All biodiesel made in our continuous process meets the more stringent specifications for No.

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Assignment is made according to guidelines established by the USEPA.

Currently, 1½

RINs are assigned for each gallon of biodiesel produced.

Currently, 1.5 RINs are assigned for each gallon of biodiesel produced.

When biofuels change ownership to the refiners, importers, and blenders of the fuel, the RINs are also transferred.

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Biodiesel Production Capacity

According to Biodiesel Magazine (January 24, 2022) the United States had a total combined annual operational capacity of 2,634 million gallons from 66 biodiesel plants.

According to Biodiesel Magazine (February 13, 2023) the United States had a total combined annual operational capacity of 2,266 million gallons from 60 biodiesel plants.

See http://www.biodieselmagazine.com/plants/listplants/USA/.

Operational plant capacity decreased almost 200 million gallons from 2020 as the renewable diesel market expanded (see Competition ) and feedstock prices increased.

Operational plant capacity decreased more than 550 million gallons from 2020 as the renewable diesel market expanded (see Competition ) and feedstock prices increased.

We believe that the biodiesel industry will continue to be highly competitive given the excess capacity.

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Although the regional market is still being developed, we estimate that the regional direct market available to us at maturity will be at least 30 million gallons per year.

For the twelve months ended December 31, 2022, two customers represented approximately 34% of biofuel revenue (27% of total revenue).

For the twelve months ended December 31, 2021, three customers represented approximately 52% of biofuel revenue (41% of total revenue).

For the twelve months ended December 31, 2020 and 2019, one customer represented approximately 20% and 22% of biofuel revenue (12% and 11% of total revenue), respectively.

For the twelve months ended December 31, 2020, one customer represented approximately 20% of biofuel revenue (12% of total revenue).

We do not have long term contracts with any biofuels customer, but rather sell on the basis of monthly or short-term, multi-month purchase orders at prices based upon then-prevailing market rates.

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Renewable diesel is a rapidly growing and competing biofuel with biodiesel.

FutureFuel uses a conventional process of transesterification of feedstocks fats, vegetable oils, or waste cooking oils to make biodiesel.

The Company uses a conventional process of transesterification of feedstocks fats, vegetable oils, or waste cooking oils to make biodiesel.

Renewable diesel is produced via hydro-processing of the same feedstocks.

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As a result, renewable diesel trades at a premium price to conventional biodiesel based on fungibility with petrodiesel, better cold weather performance and generation of a higher number of RINS on a per gallon basis.

Renewable diesel operational capacity in the US is approximately 789 million gallons per year with that figure expected to triple within the next two years.

New facilities are also being proposed that could potentially see that total double again within the next five years.

Renewable diesel operational capacity in the US is approximately 1,623 million gallons per year with that figure expected to increase significantly in the next five years.

This total is significantly greater than current biodiesel feedstock consumption and will require an increase in the supply chain to meet that demand.

That increase is presently being driven by price (feedstock prices have approximately tripled since the beginning of 2020);

and the economic benefits in California under the Low Carbon Fuel Standard where almost all domestically produced and imported renewable diesel is used.

The future for biodiesel will be driven feedstock availability;

That increase is presently being driven by price (feedstock prices have also increased significantly since the beginning of 2020);

and the economic benefits in California under the Low Carbon Fuel Standard where almost all domestically produced and imported renewable diesel is sold and used.

The future for biodiesel will be driven by feedstock availability;

its market price compared to renewable diesel;

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The principal methods of competition in the biodiesel industry are price, supply reliability, biodiesel quality, and RIN integrity, i.e., the degree of confidence the market maintains in the validity of a biodiesel producer’s RINs.

Operational biodiesel plants have dropped by one-third in the past two years.

See http://www.biodieselmagazine.com/articles/2517892/pillars-of-new-production. The ten largest producers in terms of production capacity of biodiesel in the United States in 2020 were Renewable Energy Group, Inc., Marathon and affiliates, World Energy and affiliates, RBF Port Neches, LLC, Cargill and affiliates, Ag Processing, Inc., Louis Dreyfus Agricultural Industries LLC, Hero BX, Archer Daniels Midland Co., and Sinclair Renewable Diesel.

See http://www.biodieselmagazine.com/plants/listplants/USA/.

These producers account for 66% of the total 2.6 billion gallons of production capacity available in 2020.

The number of operational biodiesel plants has dropped significantly in the past three years, but these have tended to be smaller, simpler plants with limited access to feedstock.

Additionally, we compete with numerous other smaller producers and emerging renewable diesel and cellulosic based biodiesel technologies.

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The biodiesel industry is small relative to the size of the petroleum-based diesel fuel industry, and large petroleum companies have greater resources than we do.

Without government incentives and requirements, it is uncertain how the market would adjust and what the consequent impact on processing economics would be.

Without government incentives and requirements, it is uncertain how the market would react and what the consequent impact on processing economics would be.

Supply and Distribution

As a result of our feedstock-flexible process, we are able to source feedstock from a broad supplier base, which includes degummed soy oil, distilled corn oil producers, reclaimed used cooking oil, and pork, chicken, and beef rendering facilities from both national and regional suppliers.

As a result of our feedstock-flexible process, we can source feedstock from a broad supplier base, which includes degummed soy oil, distilled corn oil producers, reclaimed used cooking oil, and pork, chicken, and beef rendering facilities from both national and regional suppliers.

Crude corn oil has been sourced from several national and regional producers.

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Outlook for the Biodiesel Industry/Our Future Strategy

In late December 2019, the BTC was retroactively reinstated from its expiry on January 1, 2018 and extended through December 31, 2022.

Based on analysis from industry analysts, the biodiesel industry is entering a new era of transition to alternative feedstocks, emerging technologies, and revised government policies favoring sustainable feedstocks and fuels. Large scale investment in large scale renewable diesel plants competing for the same feedstock pool will put significant pressure on small scale conventional biodiesel producers.

The passage of the Inflation Reduction Act in August of 2022 extended the BTC through December 31, 2024. Large scale investment in large scale renewable diesel plants competing for the same feedstock pool will put significant pressure on small scale conventional biodiesel producers.

We believe that producers who are proactive in responding to these changes can remain competitive and benefit in this emerging market.

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Our future strategy for our biofuels segment is geared towards these responses.

Notwithstanding our future strategy, our continued production of biodiesel may be severely limited, in part, by our ability to source feedstock given competitive growing renewable diesel markets, or eliminated entirely, in the event Congress eliminates the federal mandate of the RFS2.

Notwithstanding our future strategy, our continued production of biodiesel may be limited, in part, by our ability to source feedstock given competitive growing renewable diesel markets, or, in a worst-case scenario, eliminated entirely, in the event Congress eliminates the federal mandate of the RFS2.

See “Risk Factors”

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Management believes that we are a strategic production partner to our key and potential customers in this segment, and our sales, engineering and technology teams collaboratively work together with our customers to further develop the processes and drive continued improvement.

Our plant’s custom manufacturing product portfolio includes products that are used in the agricultural chemical, coatings, chemical intermediates, industrial and consumer cleaning, oil and gas, and specialty polymers industries.

Our plant’s custom manufacturing product portfolio includes products that are used in the coatings, chemical intermediates, industrial and consumer cleaning, oil and gas, and specialty polymers industries.

Historically, our custom manufacturing product portfolio was highly concentrated on two significant legacy products, namely a laundry detergent additive for a leading consumer products company and a proprietary row crop herbicide.

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We possess a core competency in chemical processing of bio-based feedstocks and expertise in specialty chemical synthesis and process development.

We believe this positions us favorably as a preferred manufacturer of custom chemicals and sustainable products in growing markets.

We believe that this positions us favorably as a preferred manufacturer of custom chemicals and sustainable products in growing markets.

Customers and Markets

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No chemical customer represented greater than 10% of total sales revenue in 2022 or 2021.

One of our chemical customers and its affiliates, represented 10% or more of our 2019 sales revenues.

This customer represented approximately 22% of our chemical revenue (11% of total revenues) in 2019.

We sell multiple products to various affiliates of this customer under both long-term and short-term contracts.

At December 31, 2020, one product contract was not renewed representing 17% and 10% of chemical revenue (7% and 5% of total revenue) for 2020 and 2019, respectively.

Another product contract was not renewed at December 31, 2019 representing 15% of chemical revenue in 2019 (7% of total revenue).

We are actively considering new business for the general-purpose equipment vacated and believe we are advantaged to be a reliable source of U.S.

manufacturing; however, there is no guarantee if or when we will be successful finding new business.

Historically, there have been significant barriers to entry for competitors with respect to specialty chemicals, primarily due to the fact that the relevant technology and manufacturing capability has been held by a small number of companies.

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Our research and development capabilities comprise analytical chemistry competencies to assay and characterize raw materials and products, organic chemistry expertise applied across a breadth of reaction chemistries and materials, design and process engineering capabilities for batch and continuous processing of both solid and liquid materials, and proficiency in process safety and scale-up necessary to design safe chemical manufacturing processes.

We believe that these core competencies, established in support of the legacy chemical business, are applicable to building a technology-based position in biofuels and associated bio-based specialty products and expanding our performance chemicals product line.

Research and development expense incurred by us for the years ended December 31, 2022, 2021, and 2020 were $3,415, $3,484, and $2,988, respectively.

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Additionally, it is not uncommon for third parties to assert claims for personal injury and property damage allegedly caused by the release of hazardous substances or other pollutants into the environment.

The federal Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act (or “RCRA”), is the principal federal statute governing the management of wastes, including the treatment, storage and disposal of hazardous wastes.

The federal Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act (“RCRA”), is the principal federal statute governing the management of wastes, including the treatment, storage and disposal of hazardous wastes.

RCRA imposes stringent operating requirements, and liability for failure to meet such requirements, on a person who is either a generator or transporter of hazardous waste or an owner or operator of a hazardous waste treatment, storage, or disposal facility.

Many of the wastes generated in our manufacturing facility are governed by RCRA.

The federal Oil Pollution Act of 1990 (or “OPA”) and regulations thereunder impose liability on responsible parties for damages resulting from oil spills into or upon navigable waters, adjoining shorelines, or in the exclusive economic zone of the United States.

The federal Oil Pollution Act of 1990 (“OPA”) and regulations thereunder impose liability on responsible parties for damages resulting from oil spills into or upon navigable waters, adjoining shorelines, or in the exclusive economic zone of the United States.

A responsible party may include, but is not limited to, the owner or operator of an onshore facility.

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Failure to comply with OPA’s requirements may subject a responsible party to civil, criminal, or administrative enforcement actions via the Water Pollution Control Act.

The federal Water Pollution Control Act (also referred to as the “Clean Water Act”) imposes restrictions and controls on the discharge of pollutants into navigable waters.

The federal Water Pollution Control Act (the “Clean Water Act”) imposes restrictions and controls on the discharge of pollutants into navigable waters.

These controls have become more stringent over the years, and it is possible that additional restrictions may be imposed in the future.

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Manufacturing activities could be prohibited or delayed in areas where such protected species or habitats may be located, or expensive mitigation may be required to accommodate such activities.

The Toxic Substances Control Act (TSCA) seeks to reduce risks of injury to health or the environment associated with the manufacture, processing, distribution, use, or disposal of chemical substances.

The Toxic Substances Control Act (“TSCA”) seeks to reduce risks of injury to health, or the environment associated with the manufacture, processing, distribution, use, or disposal of chemical substances.

TSCA requires reporting, record-keeping and testing of certain chemicals and restricts use of some chemical substances and/or mixtures.

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These amounts pertain primarily to operating costs associated with environmental protection equipment and facilities but also include expenditures for construction and development.

The USEPA recently updated the Miscellaneous Organic NESHAP (“MON”) regulation, 40 CFR Part 63 Subpart FFFF, which governs emissions from organic chemical manufacturing facilities.

To comply with this regulation, we must update equipment monitoring systems, chemical leak detection programs, maintenance programs, vessel pressure relief systems, emission reporting protocols and related procedures and these changes must be complete before August 12, 2023.

We have budgeted the funds necessary to comply with these regulations.

While we do not expect future environmental capital expenditures arising from requirements of environmental laws and regulations to materially increase our planned level of annual capital expenditures for environmental control facilities, we can give no assurances that such requirements will not materialize in the future.

We believe that we have obtained, in all material respects, the necessary environmental permits and licenses to carry on our operations as presently conducted.

We have reviewed environmental investigations of the properties owned by us and believe, on the basis of the results of the investigations carried out to date, that there are no material environmental issues that adversely impact us.

We have reviewed environmental investigations of the properties owned by us and believe, based on the results of the investigations carried out to date, that there are no material environmental issues that adversely impact us.

In connection with our acquisition of our warehouse in Batesville, the seller agreed to remediate certain environmental conditions existing at the facility on the date that we acquired it and to indemnify us with respect to those environmental conditions.

We continue to monitor the seller’s compliance with its remediation obligations.

FutureFuel is a leading provider of renewable fuel and actively works to reduce our carbon footprint.

The Company is a leading provider of renewable fuel and actively works to reduce its carbon footprint.

The Company supports the global movement transitioning to a low-carbon economy and strives to control climate change related costs through process innovation, inventory control, and price indexing. Energy, transportation, and raw material costs have all been negatively impacted by climate change. 

FutureFuel has the ability to treat hazardous and non-hazardous waste on-site.

The Company has the ability to treat hazardous and non-hazardous waste on-site.

Over 99% of all generated waste is treated at the facility, eliminating most greenhouse gas emissions associated with transportation of waste, and significantly reducing liability associated with public exposure to waste.

Greenhouse gases may have an adverse impact on global weather patterns and crop production and, therefore, could impact the availability and pricing of raw materials used in biodiesel production. FutureFuel has developed strategies for coping with seasonal, weather related, and market driven volatility. These strategies improve the company’s ability to dampen the impact of climate driven challenges but may not successfully overcome poor market conditions. Profits may be negatively impacted if FutureFuel is unable to pass along price increases to our customers.

FutureFuel’s chemical segment uses many commodities derived from crude oil feedstock. These materials are affected by climate change driven policies that regulate petroleum and other energy production industries. Prices are subject to volatility caused in part by supply and demand, political movements, production difficulties, transportation disruptions, and other world events that may be linked to climate change.

FutureFuel has on-site emergency response equipment, trained personnel, and preparedness plans in place detailing actions needed to cope with the occurrence of severe weather. 

Greenhouse gases may have an adverse impact on global weather patterns and crop production and, therefore, could impact the availability and pricing of raw materials used in biodiesel production. The Company has developed strategies for coping with seasonal, weather related, and market driven volatility. These strategies improve the Company’s ability to dampen the impact of climate driven challenges but may not successfully overcome poor market conditions. Profits may be negatively impacted if the Company is unable to pass along price increases to our customers.

The Company’s chemical segment uses many commodities derived from crude oil feedstock. These materials are affected by climate change driven policies that regulate petroleum and other energy production industries. Prices are subject to volatility caused in part by supply and demand, political movements, production difficulties, transportation disruptions, and other world events that may be linked to climate change.

The Company has on-site emergency response equipment, trained personnel, and preparedness plans in place detailing actions needed to cope with the occurrence of severe weather. 

The Company’s production location is in an area generally unaffected by hurricanes or floods;

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The members of the executive team also have international experience, including assignments in Europe and Asia.

The operational and commercial management group at the Batesville site includes additional degreed professionals with an average experience of over 25 years in the chemical industry.

The operational and commercial management group at the Batesville site includes additional degreed professionals with an average experience of more than 25 years in the chemical industry.

Our Batesville workforce comprises approximately 472 full-time non-union employees, and includes degreed professionals including chemists (some with PhDs) and engineers (including licensed professional electrical, mechanical, and chemical engineers).

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Voluntary attrition at the site has averaged 8.2% over the past five years.

Our Batesville operation is also supported by a small commercial team based in our corporate office in Clayton, Missouri.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business