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Vegas company invests in explosives operation

Thursday, Dec. 12, 2002 | 11:12 a.m.

American Pacific Corp. of Las Vegas, a chemical and rocket propellant company, said it invested $10.7 million in Energetic Systems Inc., a joint venture formed to acquire and manage a commercial explosives business.

The investment in ES is with a combination of term debt, preferred stock and common equity. The remaining 50 percent equity interest is held by a private entity with extensive experience in the explosives industry.

ES Wednesday completed the purchase of certain assets and the assumption of certain liabilities of Slurry Explosives Corp. and Universal Tech Corp., subsidiaries of LSB Industries Inc. The two subsidiaries have a total of 70 employees.

SEC/UTC makes commercial explosives at a plant in Hallowell, Kan., and the organization is a respected research, development and testing group for commercial explosives and energetic compounds, American Pacific said.

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