Oct. 6, 2014, 5:01 PM
- Pursuant to its intent to focus on commercializing performance additive solutions based on polyhydroxyalkanoate (PHA), Metabolix (MBLX -3.3%) will discontinue the operations of its wholly-owned German subsidiary, Metabolix GmbH and pursue a sale of all or part of the business. It expects to cease operations by the end of 2014.
- The company will take a $900K charge in Q3 as a loss on disposal of discontinued operations of which $750K is non-cash related.
- Management expects to save $2M in cash per year by discontinuing the business.
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Metabolix, Inc. is a bioscience company that provides environmentally friendly solutions to the plastics, chemicals & energy industries. It has capabilities in microbial genetics, fermentation process engineering, chemical engineering, etc.
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