PARSIPPANY, N.J.--(BUSINESS WIRE)--AdvanSix (NYSE: ASIX) today provided an update on its business and the impact of the ongoing coronavirus pandemic and shared actions the Company is taking to protect its employees, customers, suppliers, shareholders and surrounding communities. To date, no employees have a confirmed case of COVID-19 and the Company has protocols in place including on-site medical personnel to actively monitor employees.

A summary of updates and actions taken follows:

Health and Safety

• Implemented thermal screening process at all manufacturing facilities, with restrictions on non-essential visitors
• Instituted telecommuting across all sites, where possible
• Prohibited all non-essential domestic and international business travel
• Established social distancing measures limiting the number of employees in control rooms, labs and meetings
• Maintaining policies and practices consistent with CDC and government guidelines

Plant Operations

• Operations at the Company’s manufacturing locations in Frankford, PA, Hopewell, VA and Chesterfield, VA continue to run at robust production rates necessary to meet customer orders
• Business continuity plans in place to ensure safe and stable operations, while continuing to serve our customers by adjusting output to changes in mix and demand
• The previously scheduled 2Q 2020 planned plant turnaround has been de-risked – a majority of the work has been shifted into the second half of the year in order to limit the number of contractors on site and ensure operational continuity in the current environment

Financial Position

• $425 million revolving credit facility in place maturing in 2023
• As of the end of 1Q 2020, the Company has approximately $30 million of cash on hand with approximately $90 million of additional capacity available under the revolving credit facility
• Additional liquidity potential of up to $175 million under the credit facility’s accordion feature
• Previously announced credit facility amendment executed in the first quarter provides 2020 covenant flexibility
• Disciplined working capital and cost management including discretionary spending
• Assessing opportunities to maximize free cash flow including a further reduction of capital expenditures, which are currently targeted at the low-end of our previously communicated range of $90 to $100 million in 2020

“The health and safety of our employees is our top priority,” said Erin Kane, president and CEO of AdvanSix. “We are monitoring the situation closely while executing our business continuity plans so we can continue to be a trusted partner for reliable supply to our customers. The U.S. Department of Homeland Security has designated our industry as ‘life sustaining and essential’ during the response to coronavirus for both public health and safety as well as community well-being. I want to thank the entire AdvanSix organization for their extraordinary efforts during this challenging time to keep our business moving forward.”

“I’m pleased to share that our first quarter results progressed as planned despite the challenging macro conditions, highlighting the resilience and strength of our vertically integrated asset base and global low-cost advantage. We look forward to providing another update during our first quarter 2020 earnings conference call,” added Kane.

First Quarter 2020 Earnings Conference Call

The Company announced that it will issue its first quarter 2020 financial results before the opening of the New York Stock Exchange on Friday, May 1. The Company will hold a conference call with investors at 9:00 a.m. ET that day.

Presentation Materials / Webcast Details

A real-time audio webcast of the presentation can be accessed at http://investors.advansix.com. Related materials will be posted prior to the presentation at that site, and a replay of the webcast will be available on the AdvanSix investor website for 90 days following the presentation.

About AdvanSix

AdvanSix is a leading manufacturer of Nylon 6, a polymer resin which is a synthetic material used by our customers to produce fibers, filaments, engineered plastics and films that, in turn, are used in such end-products as carpets, automotive and electronic components, sports apparel, food packaging and other industrial applications. As a result of our backward integration and the configuration of our manufacturing facilities, we also sell caprolactam, ammonium sulfate fertilizer, acetone and other intermediate chemicals, all of which are produced as part of our integrated manufacturing value chain. More information on AdvanSix can be found at http://www.advansix.com.