Potash Corp. of Saskatchewan Inc. has signed an agreement to purchase 9.50 percent of Brazil-based company Fertilizantes Heringer S.A. (Heringer) from the controlling shareholders for US$55.7 million. The agreement is subject to regulatory approvals in Brazil and is expected to close during the second half of 2015. Once finalized, the arrangement also paves the way for a long-term potash supply agreement which allows PotashCorp the opportunity to become Heringer’s principal supplier over time.

“The investment in Heringer provides PotashCorp with an important stake in a leading Brazilian fertilizer distribution company,” said Jochen Tilk, PotashCorp President and CEO. “We see this agreement as an important step in enhancing our global growth strategy and one that provides flexibility for our expanding New Brunswick operations.”

Fertilizantes Heringer SA has been in the market for 46 years and is one of Brazil’s pioneers in the production, marketing and distribution of fertilizers. As one of the largest fertilizer companies in Brazil, Heringer operates 21 production, marketing and distribution units, strategically located in the main consuming regions of the country. All units produce, market and distribute fertilizers to meet the demand of the different Brazilian crops. The company delivered 5 million mt of fertilizers – including approximately 1 million tonnes of potash – in 2013, with net revenues of approximately US$2.5 billion. Heringer’s shares are traded in Novo Mercado, the highest level of corporate governance in BM&FBOVESPA since April 2007, under the ticker FHER3.

LSB Industries Inc. reports that it will continue its current operation strategy going forward, after studying whether to create a Master Limited Partnership company.

The company also reported a drop in fourth-quarter 2014 Chemical net income to $4.5 million on sales of $109.2 million, compared to the year-ago $67.5 million and $77.7 million, respectively. However, the year-ago quarter included a $76.2 million insurance recovery. Company-wide, LSB reported fourth-quarter net income of $657,000 ($0.03 per diluted share) on sales of $181.3 million compared to the year-ago $37.3 million ($1.58 per share) and $149 million, respectively.

For the full-year LSB reported net income of $19.6 million ($0.83 per share) on sales of $732.5 million versus 2013’s $55 million ($2.33 per share) and $679.3 million, respectively. Full-year Chemical income was $51.3 million on sales of $454.9 million, down from 2013’s $87.8 million and $380.7 million, respectively.

Pinnacle Agriculture Holdings LLC reported on Feb. 25 that it has launched a new retail location in New Castle, Ind., that will operate as part of Pinnacle’s Providence Agriculture brand. The New Castle facility at 1700 Troy Avenue will provide area farmers with seed, fertilizer, crop protection chemicals, and precision agriculture services through Pinnacle’s OptiGro® brand.

The start-up team includes David Cline, location manager, and sales representatives Jared Glunt and Brent Osting. All three have extensive family farming experience, as well as experience in agriculture retail sales, sales management, and retail and wholesale distribution of farm inputs. “Our team is very excited about the opportunity to introduce Providence Agriculture to east central Indiana,” said Cline. “Considering the stellar management team and the core values of Providence Agriculture, it made my decision an easy one when asked to head up this initiative.”

Pinnacle also announced the launch of a new wholesale and retail farm input products and services location in Dumas, Texas. The Dumas location at 1414 FM 2203 will operate as part of Pinnacle’s Sanders brand, and will provide area dealers with the ability to serve local farmers with seed, fertilizer, crop protection chemicals, precision agriculture services, and field scouting services. The Dumas facility will be managed by Lance Latham, location manager, and Robbie Cartrite, operations manager.

“We are very pleased to join Sanders and combine our talents and experience to provide customers with the best possible service and solutions,” said Cartrite. “Sanders’ mission of contributing to customer success is very synergistic with the values of our team, and we look forward to meeting and exceeding our customers’ expectations as we build a first-in-class farm input operation.”

“We are very excited about the recent launch in Dumas,” said Dane Higgins, Sanders’ area operations manager. “We are committed to delivering innovative, customized solutions to help farmers become more profitable. We look forward to providing them with quality products brought to them by experienced people who truly care about their success.”

Pinnacle was founded in early 2012 and is based in Memphis, Tenn. The company operates through its Sanders®, Performance Agriculture™, Providence Agriculture, AgOne Application Services™, Innvictis™, Meridian™, and Altitude™ brands, serving growers across 26 states.

The North Dakota Senate on Feb. 25 unanimously approved a bill that provides tax incentives for the “tangible personal property” used in the construction of fertilizer or chemical processing plants in the state. Senate Bill 2035 would create a sales and use tax exemption for items such as building materials and structures, according to the Grand Forks Herald. The incentives could apply to a number of proposed nitrogen fertilizer facilities in North Dakota, including the $2 billion Northern Plains Nitrogen plant near Grand Forks and the $3 billion facility planned by CHS Inc. in Spiritwood. The bill was amended to include a requirement for a public hearing if a project exceeds $1 billion, as well as a request for legislators to study the effects of large economic development projects on local communities.

The labor unrest in Israel continues to intensify over the planned layoffs at Israel Chemicals Ltd. (ICL). The powerful Histadrut Labor Federation on Feb. 26 declared a general work dispute encompassing all of southern Israel, from the port of Ashdod to the southern port of Eilat.

Histadrut Chairman Avi Nissenkorn said the dispute was approved by the Labor Federation’s central committee in order to deal with “the severe ongoing unemployment crisis” in the region, and in particular the threat by ICL management to fire 140 workers. The declaration means that a general strike can be implemented in two weeks. In the meantime, strikes are already in place at ICL subsidiaries Dead Sea Bromine Compounds and Dead Sea Works.

Agricultural headwinds and plant downtime impacted Agrium Inc. in the fourth-quarter and full-year 2014. Agrium Inc. reported fourth-quarter net income of $51 million ($0.33 per diluted and basic share) on sales of $2.7 billion, down from the year-ago $99 million ($0.66 per share) and $2.87 billion, respectively. Net earnings from continuing operations were stronger at $70 million versus the year-ago $110 million.

Agrium, which dismantled its Advanced Technology segment in 2014, saw fourth-quarter losses from discontinued operations of $19 million compared to a year-ago loss of $11 million.

“Agrium once again benefited from the strength of its competitive advantages and diversity, delivering solid fourth quarter earnings across the company, despite some headwinds in agricultural markets. We undertook downtime to refresh and expand our potash and nitrogen facilities this quarter, which impacted Wholesale earnings in the short term but will drive higher future capacity and utilization rates. Agrium’s Retail distribution business demonstrated its operational stability in this environment and achieved record earnings again this year, reporting improvements across all target metrics and with EBITDA surpassing $1.1-billion. Nutrient sales this quarter were impacted by a shortened fall application window due to the late harvest and early onset of winter in the U.S., but this will support demand for the coming spring season." commented Chuck Magro, Agrium’s President and CEO.

Full-year net income was $720 million ($4.97 per share) on sales of $16 billion compared to 2013’s $1.06 billion ($7.20 per share) and $15.73 billion. Net income from continuing operations was $798 million versus the year-ago $1.08 billion.

Agrium reported a net loss of $78 million from discontinued operations in 2014, up from 2013’s loss of $13 million.

Israel’s powerful Histadrut Labor Federation has issued an ultimatum that it will declare a general labor dispute in all of southern Israel on Thursday, Feb. 26, if a solution is not found for the crisis at Israel Chemicals Ltd. The ultimatum was issued on Tuesday, Feb. 24, by Histadrut Chairman Avi Nissenkorm. Declaring a work dispute would allow the Histadrut to impose a full scale general strike two weeks later.

Nissenkorn said that southern Israel must be saved from layoffs. He said the fight would be escalated. The labor union chairman called on Prime Minister Benjamin Netanyahu to get directly involved to prevent the layoffs at Dead Sea Bromine and Dead Sea Works since they directly involve the country’s natural resources.

On Feb. 24, ICL workers demonstrated in Beer Sheba as part of their effort to get public support. On Sunday and Monday mass demonstrations were held in Dimona and Arad.

The strike itself has turned more acrimonious.   The Histadrut charged ICL management with pasting summons for layoff hearings on the doors of employees in the middle of the night while management charged that one of the messengers was attacked while trying to deliver a summons and was later hospitalized.

On Feb. 23, Israel’s Finance Ministry said it is considering intervention in the crisis.