We refer all of you to our recent filings with the Securities and Exchange Commission, including our quarterly Form 10-Qs filed during 2011, and 10-K for the year ended December 31, 2010, for a more detailed discussion of the risk that could impact our business and our future operating results and financial condition.
With that, I’d like to turn the call over to Rick Eno, President and CEO of Metabolix. Rick?
Richard P. Eno
Thank you, James. Good evening and thank you for joining us in this important call this evening. As I’m sure that you are aware, Metabolix today announced that the Archer Daniels Midland Company, ADM, has given notice of termination for the Telles LLC joint venture for PHA bioplastics. The effective date of the termination is February 8, 2012.In tonight’s call, I will describe this event and its implications to Metabolix. I will address the ADM termination and what it means, the focus of Metabolix moving forward, and the restructuring impact on Metabolix. I will also address some questions that I believe will be important to you, and we will also take questions at the end of the call. I’d like to begin with the ADM termination and its implications. Telles LLC was established as a 50-50 joint venture between Metabolix and ADM in July 2006. The objective of the joint venture was to commercialize our unique family of bio-based biodegradable PHA bioplastics. To supply the joint venture, ADM constructed and operated a polymer manufacturing facility in Clinton, Iowa with a design capacity of 50,000 tons per year. Metabolix provided all of the enabling intellectual property, and was responsible for establishing compounding operations for the venture. As of early 2012, the joint venture has had ongoing sales activities in the U.S., across Europe and in other countries around the world. As of October 2011, the venture was working with approximately 100 customers and prospects, with 57 customers and 26 repeat buyers. The business has continued to expand since October.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV