16 February 2003
16 February 2003
ConocoPhillips will shut down the company's carbon fibers project, called Cevolution. The company said the decision came after a careful review of a number of different continuation options and is the result of the cumulative effect of market, operating and technology uncertainties.
""Individually, these factors would not have deterred us, but collectively they painted a picture that the business opportunity has not proven to be as strong as originally perceived,"" said Jim Nokes, ConocoPhillips executive vice president, Refining, Marketing, Supply and Transportation. ""ConocoPhillips is recognized as a world leader in certain carbon technologies. We consider this a competitive advantage in the market place and will continue to seek to improve our technologies and our market position.""
As a result of this decision, the company anticipates that approximately $125 million will be applied to goodwill. By shutting down carbon fiber research and applications development, annual after-tax operating expenses will be reduced by approximately $25 million.
The company formed the carbon fibers unit in January 2000, and in July 2002, completed construction of its first carbon fibers manufacturing facility in Ponca City, Okla. The 175 employees associated with the project will be redeployed or offered severance packages.
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