Rentech To Close Commerce City Facility, Cut 65 Jobs
COMMERCE CITY, Colo. (AP) – Rentech Inc. says it plans to shut its alternative-energy product demonstration facility in Commerce City and end all related research and development activities, which will mean cutting 65 employee and contractor positions by mid-year.
CEO D. Hunt Ramsbottom says the company intends to focus instead on opportunities for more immediate profitability.
Rentech says it will try to sell the Commerce City unit, plus 450 acres it acquired in Natchez, Miss., for the development of an alternative energy facility.
It says closing the demonstration unit should reduce expenses related to its research activities, facilities and technologies to fall to about $10 million this year from about $21 million in 2012.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)