Mosaic's Canadian nitrogen fertilizer unit on sale
Friday June 20, 10:04 am ET
Mosaic seeks to sell its Saskferco Products nitrogen fertilizer unit
PLYMOUTH, Minn. (AP) -- Fertilizer maker Mosaic Co. said Friday it is seeking a buyer for its Saskferco Products Inc. unit, which makes nitrogen fertilizer.
Saskferco is a private company primarily owned by Mosaic and Investment Saskatchewan, a provincial corporation that seeks to boost Saskatchewan's economy. Saskferco runs a production facility in Belle Plaine, Saskatchewan.
"The sale of Saskferco will allow us to focus on our core businesses of potash and phosphates and to fund the planned expansions of our Saskatchewan potash mines and other non-U.S. assets," Mosaic Chief Executive Jim Prokopanko.
He also said Mosaic is "aggressively pursuing (the company's) 5.1 million metric ton potash capacity expansion initiative in (Saskatchewan) over the next 12 years."
Shares of Mosaic fell 8 cents to $151.17 in morning trading.
Source: Associated Press
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