PENRICE Soda will receive an $8 million loan from its joint venture partner to transition from a soda ash producer to importer - a move that will return the business to profit by FY14. Pro Asia Pacific, its joint venture with SASS Victoria Australia, has a six year term to import and market soda ash into Australia and first sales will begin in May. SASS, which owns 77 per cent of the joint venture, will loan Penrice $8 million to fund the cost of decommissioning the soda ash plant, including the 60 redundancies at the plant and the cost of converting the sodium bicarbonate plant to accept imported soda ash. Penrice has also set up a new receivables facility with a new financier to improve cash flow and complete the restructure by June this year. "Importantly for Penrice, the restructure is expected to enable Penrice's soda ash business to generate a profit from FY2014," chief executive and managing director Guy Roberts said. "While it is unfortunate that the soda ash plant closure will cause staff redundancies, customers will benefit as the JV will maintain service standards and reliable supply to our Australian customers with a quality product," he said. The Osborne chemical plant will continue to manufacture sodium bicarbonate products and lime, which will be marketed for sale for the first time. The company said it was "working to together constructively" with brine supplier Ridley Corporation to manage the plant closure impact in a manner which advances the best interests of both parties. Penrice has booked an impairment charge of $21.2 million relating to the proposed closure. Yesterday it also hailed the "improved environmental outcomes" of producing two thirds less carbon and cessation of ammonia and calsilt licensed discharge to the Port River, which would also result in a lesser cost burden for company. The update was provided to shareholders towards the end of the trading day with shares closing steady at 8c.