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The Biox bio-diesel plant in Hamilton in this file picture from September, 2011. (Tim Fraser For The Globe and Mail)
The Biox bio-diesel plant in Hamilton in this file picture from September, 2011. (Tim Fraser For The Globe and Mail)

Biox stops plan for New York production facility Add to ...

Biox Corp. has terminated plans for a new biodiesel production facility in New York Harbor.

The Toronto-area company says the market dynamics have changed significantly since it signed a land lease agreement with International-Matex Tank Terminals.

As a result of the decision, IMIT will reimburse two-thirds of the $2.1-million (U.S.) upfront payment made by Biox.

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Biox will record the remaining $700,000 as an expense in its fiscal first quarter.

The Oakville-headquartered company says it believes the challenges affecting the biodiesel market in 2012 are short-term.

Biox chief executive officer Kevin Norton says the company remains confident in the value of its production facility in Hamilton, Ont.

 
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