TAGS: Polymer Reinforcement Sustainability / Natural Solutions
Orion announces that it has completed upgrading its air emissions control technology at all four of its U.S. carbon black plants – the biggest sustainability-related initiative in the company’s history.
The company recently finished its final air emissions project at its plant in Belpre, Ohio. Previously, the company upgraded its Borger, Texas; Ivanhoe, Louisiana; and Orange, Texas, facilities.
Will Continue to Invest in Sustainability-linked Projects
The upgrades were part of an initiative from the U.S. Environmental Protection Agency that applied to all carbon black producers in America.
The projects were especially challenging for Orion because it has more carbon black plants in the U.S. than any other company. Despite suffering from contractor issues, COVID-19 and supply-chain disruptions, Orion finished its projects ahead of some of its competitors.
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Our difficult journey to make our facilities run cleaner is now completed,” Orion CEO Corning Painter said. “
Looking forward, we are entering an exciting new era as we focus more on investing in profitable growth, reducing debt and returning value to shareholders.”
With a slower recovery in end markets and downtime as a result of Orion’s final EPA project, the company expects 2023 results to land at the lower end of its Adjusted EBITDA guidance range of $330 million to $340 million. While demand is recovering, it is building slower than expected in many markets.
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Central to our growth strategy, Orion will continue to invest in sustainability-linked projects. This will include producing conductive materials for lithium-ion batteries and developing products for the circular economy. We are projecting our fourth year in a row of earnings growth in 2024 and expect the rate to be similar to 2023, which was a mid-single digit EBITDA increase,” Painter said.
Source: Orion