Cornerstone Chemical Co. is ending production of the plastics feedstock acrylonitrile in Waggaman, La.
In a news release, officials with Cornerstone in Waggaman said acrylonitrile production at the site will end on June 30. "After careful consideration of market conditions … the company has determined that this course of action is necessary to ensure the long-term success of its world-class Energy Park, the viability of its remaining businesses and the well-being of its employees and stakeholders," they added.
CEO and President Matthew Sokol said making the decision to close the acrylonitrile business "was incredibly difficult." Officials added that Cornerstone "has operated in the acrylonitrile market for several decades, during which time [the firm] has built a reputation for quality and manufacturing excellence."
According to the release, the decision was influenced by the unit's financial challenges, oversupplied global markets for acrylonitrile and increasing raw material costs. Sokol added that changing dynamics in the industry "have made it impossible to continue operations as we have in the past."
Other products made by Cornerstone include melamine resins and other specialty chemicals.