Neptune Technologies vows to pick up the pieces in Sherbrooke

Neptune says it is working with authorities on an investigation to determine the cause of the explosion, and to figure out whether the acetone reserves it uses to extract krill oil was to blame. Acetone, a solvent commonly used for cleaning purposes in labs, is highly flammable. The explosion and fire at Neptune Technologies (TSX:NTB) plant in Sherbrooke Quebec, which claimed its third victim over the weekend, has placed the future of the company on uneven ground. But management says it will survive.

Neptune CEO Henri Harland said commented on the matter this morning.

“Our hearts are greatly traumatized by this horrible catastrophe that will remain in our minds forever. Our thoughts are with our colleagues and their families,” he said, adding: “The strength of Neptune has been built on the commitment and dedication of our employees, and I am confident that this same resolve will allow us collectively to overcome this tragic event and rebound from it.”

Neptune says its entire current production of krill oil at the plant was destroyed. The company has insurance that covers things such as property damage, business interruption and general civil liability, and says it will update the details of that coverage at a later date.

Neptune says it is working with authorities on an investigation to determine the cause of the explosion, and to figure out whether the acetone reserves it uses to extract krill oil was to blame. Acetone, a solvent commonly used for cleaning purposes in labs, is highly flammable.

Shares of Neptune, meanwhile, remain halted. The company says they will remain so until it can provide a going forward plan to the NASDAQ and TSX.

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