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Operations Expected to Commence Late Second Half 2014
Producing Isobutylene Feedstock for Performance Products and Fuels Businesses
HOUSTON, Sept. 13, 2012 (GLOBE NEWSWIRE) --
TPC Group Inc. (Nasdaq:TPCG) today announced the Board of Directors has approved its strategic project to produce on-purpose isobutylene. The project includes refurbishment and restart of certain of its dehydrogenation assets at the Company's Houston Operations. These dehydrogenation assets will serve to provide isobutylene feedstock for the Company's performance products and fuels business, including MTBE, polyisobutylene, high purity isobutylene and diisobutylene.
The construction is scheduled to be complete allowing start-up late in the second half of 2014, and will produce up to 650 million pounds per year of isobutylene from isobutane, a natural gas liquids feedstock whose production volumes continue to increase as a result of U.S. shale gas development. Total capital expenditure for the project is estimated at $265 million, with $25 million of that amount already spent to date.
About TPC Group
TPC Group Inc. is a leading producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. Headquartered in Houston, Texas, and with an operating history of over 68 years, the Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company's website at
The TPC Group logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9551Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed merger between TPC Group and Sawgrass Merger Sub Inc. pursuant to the Agreement and Plan of Merger, dated August 24, 2012, among TPC Group, Sawgrass Holdings Inc. and Sawgrass Merger Sub Inc. TPC Group plans to file a definitive proxy statement with the SEC in connection with the proposed merger.
Investors and security holders of TPC Group are urged to carefully read the definitive proxy statement when it becomes available because it will contain important information about the transaction.
A definitive proxy statement will be mailed to TPC Group's stockholders seeking their approval of the proposed merger. Investors and security holders may obtain a free copy of the definitive proxy statement when it becomes available, and other documents filed by TPC Group with the SEC, at the SEC's website at
www.sec.gov . Free copies of the documents filed with the SEC by TPC Group will be available on TPC Group's website at
http://www.tpcgrp.com under the "Investors" tab, by directing a request to TPC Group, Attention: Investor Relations, 5151 San Felipe, Suite 800,Houston, Texas 77056, or by calling (713) 627-7474. Investors may also read and copy any reports, statements and other information filed with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room.
TPC Group and its directors, executive officers and certain members of management and employees may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies in connection with the proposed merger. Information concerning the interests of the persons who may be participants in the solicitation will be set forth in the definitive proxy statement (when available). Information concerning beneficial ownership of TPC Group stock by its directors and certain executive officers is included in its proxy statement relating to its 2012 annual meeting of stockholders filed with the SEC on April 26, 2012 and subsequent statements of changes in beneficial ownership on file with the SEC.