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Terra Announces Upgrading Project at Woodward Facility
Thursday May 8, 5:00 pm ET

SIOUX CITY, Iowa--(BUSINESS WIRE)--Terra Industries Inc. announces plans to expand the upgrading capacity at its Woodward, Okla. nitrogen manufacturing facility, pending the completion of construction agreements and the receipt of certain federal, state and local economic incentives. Terras management expects the project to cost approximately $180 million, and to be completed by the end of 2010.

The expansion will consist of the addition of a 1,500-ton-per-day Weatherly design urea ammonium nitrate solutions (UAN) facility. The project will affect the Woodward facilitys annual output as follows:

  • Ammonia capacity will remain at 440,000 tons.
  • Because Terra will upgrade more of its ammonia production to UAN, ammonia available for sale as a finished product will decrease from 310,000 to 100,000 tons.
  • UAN capacity will increase from 300,000 to 825,000 tons (32% nitrogen basis).

The plant expansion will require the addition of approximately 10 employees.

The case for increasing Terras UAN capacity is compelling, noted Terra President and CEO Michael Bennett. Over the last several years, the value premium for UAN over ammonia has grown. Strong demand for corn has encouraged farmers to plant more acres and more corn plantings have compressed the application window for nitrogen. Under these circumstances, growers realize clear benefit in using UAN over ammonia because it is easier to store, handle and apply, and it can be applied under a broader range of soil and weather conditions.

This expansion fits very well with Terras strategy of focusing on higher value upgraded products, Bennett continued. We expect the expansion to increase value to stockholders by enhancing Terras long-term core earnings capability.

About Terra

Terra Industries Inc., with 2007 revenues of $2.4 billion, is a leading international producer of nitrogen products.

Source: Terra Industries Inc.

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