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Biox stops plan for New York production facility

The Biox bio-diesel plant in Hamilton in this file picture from September, 2011.

Tim Fraser/The Globe and Mail

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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