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Why LSB Industries (LXU) Stock is Skyrocketing Today

NEW YORK (TheStreet) -- LSB Industries (LXU - Get Report) stock is soaring by 38.41% to $14.63 on heavy trading volume early Thursday afternoon, as the company said it will sell its climate control business to Sweden-based NIBE Industrier for $364 million.

Proceeds from the transaction will be primarily used to pay down debt, the Oklahoma City-based manufacturing company said in a statement.

"As a result, LSB will have greater financial flexibility and an improved capital structure to execute its growth strategies for its core chemical business, including improving the company's chemical plant on-stream rates," the company added.

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