| BUSINESS SALE |
FOR IMMEDIATE RELEASE Reilly Industries, Inc. Signs Agreement to Sell Its Wendover Facility to Denver-based Intrepid Mining, LLC Wendover, Utah – February 24, 2004 – Reilly Industries, Inc. has signed an agreement to sell its brine and potash business including its Wendover, Utah brine facility to Intrepid Wendover Potash, LLC, a limited liability company owned by Intrepid Mining, LLC, the parent company of Moab Potash and Moab Salt in Moab, Utah. Closing is expected to occur on March 31, 2004. “It’s a good outcome for Reilly, Intrepid and the Wendover employees,” said Reilly President and Chief Executive Officer Robert D. McNeeley. “This sale will allow Reilly to focus more on its core chemicals businesses. It also allows Moab Potash to grow in its core business, potash. The Wendover plant and its employees will benefit by being managed by a company with a great deal of knowledge and experience in the business and a focus on potash.” Potassium chloride and magnesium chloride are recovered via surface extraction at Wendover, owned by Reilly since 1988 and in continuous operation since 1932. In 2003, the Wendover facility produced 86,000 tons of potash and 245,000 tons of magnesium chloride brine. Potassium chloride, or potash, as it's commonly called is an essential crop nutrient. Magnesium chloride brine is used for dust control, anti-icing, chemical intermediates and specialty fertilizer products |
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