Cargill, IMC Global Get Their Fertilizers Together with Mosaic Co.'s IPO
Oct. 26TAMPA, Fla. A merger that was made final over the weekend created the second-largest fertilizer company in the world. Cargill Crop Nutrition and IMC Global merged their operations to form the publicly traded company, Mosaic Co. Shares began trading Monday on the New York Stock Exchange under the symbol MOS. The stock closed at $15.
Mosaic has eight mines and five plants in Hillsborough, Polk, Hardee and Manatee counties. The company employs about 4,100 people in Florida, about half the company's work force. The merger resulted in the elimination of about 40 positions in Florida, said Gray Gordon, who will manage Mosaic's public relations in Florida.
The company, based in Minneapolis, will operate phosphate production facilities in Florida and Louisiana. It will have potash crop nutrients production facilities in Saskatchewan, Canada, and in New Mexico and Michigan. Mosaic will be a 50-percent owner in Saskatchewan-based Saskferco Products, one of the world's largest nitrogen production facilities, and have equity interests in phosphate production facilities in Brazil and China. Nitrogen, phosphate and potash are key ingredients in fertilizer.
The goal is to become a world leader in crop nutrition, said Fritz Corrigan, who left Cargill to become president and CEO of Mosaic, which is expected to have annual revenue of about $4.5 billion.
© 2004, Tampa Tribune, Fla. Distributed by Knight Ridder/Tribune Business News.