TOR
Minerals Announces Temporary Partial Shutdown of Netherlands
Plant
Corpus
Christi, Texas, June 22, 2005 – TOR Minerals International
(Nasdaq: TORM) announced today that a significant portion
of the manufacturing operations at its Netherlands facility
has been shut down since the second week of June due to
mechanical difficulties. The company said that approximately
70 percent of its manufacturing capacity at the Netherlands
is affected by the shutdown. Necessary repairs are in
process and the plant is expected to be fully operational
by early-to-mid July.
“This
is disappointing as we were operating at near capacity
to meet the strong growth in demand for our ALUPREM®
products,” said Richard Bowers, president and Chief
Executive Officer of TOR Minerals.
The
company said that it is still determining the full impact
that the Netherlands facility suspension will have on
second quarter financial results. However, it expects
second quarter 2005 revenue and net income to exceed 2004
second quarter results of net sales of $6,386,000 and
net income of $190,000, or $0.02 per fully diluted share.
The
Company’s HITOX® business at the Corpus Christi,
TX and Ipoh, Malaysia locations remains unaffected and
continues to operate well.
Based
in Corpus Christi, Texas, TOR Minerals is an international
manufacturer of specialty mineral products for high performance
applications with plants and regional offices located
in the United States, Netherlands and Malaysia.
This statement provides forward-looking
information as that term is defined in the Private Securities
Litigation Reform Act of 1995, and, therefore, is subject
to certain risks and uncertainties. There can be no assurance
that the actual results, business conditions, business
developments, losses and contingencies and local and foreign
factors will not differ materially from those suggested
in the forward-looking statements as a result of various
factors, including market conditions, general economic
conditions, including the risks of a general business
slow down or recession, the increasing cost of energy,
raw materials and labor, competition, advances in technology,
changes in foreign currency rates, freight price increases,
commodity price increases, delays in delivery of requirement
equipment and other factors.
Contact
for Further Information:
David Mossberg
Beacon Street Group Investor Relations
(817) 459-2346
