Rentech Inc. today announced that GSO Capital Partners LP, the credit investment arm of Blackstone, will invest $150 million in Rentech in the form of $100 million of convertible preferred stock and a $50 million term loan. The transactions closed on April 9, 2014. In connection with this investment, Blackstone/GSO appointed two members to Rentech’s board of directors: Douglas Ostrover, a senior managing director of Blackstone and co-founder of GSO Capital Partners, and Patrick Moore, the former chairman and chief executive officer of Smurfit-Stone Container Corp., a paper-based packaging company with significant wood fibre operations. Rentech also announced a settlement with Concerned Rentech Shareholders (CRS), whereby CRS will approve an additional member to join Rentech’s board and the board’s newly formed Finance Committee.

Proceeds from Blackstone/GSO’s investment will fund identified growth opportunities in Rentech’s wood fibre processing business. These opportunities are part of Rentech’s long-standing strategic plan for the wood fibre processing business.

“This investment by Blackstone’s GSO underscores the strength of our wood fibre business strategy. The investment is a vote of confidence in both our fibre and fertilizer businesses by a leading global investor,” said D. Hunt Ramsbottom, president and chief executive officer of Rentech. “In addition to funding our immediate growth plans, Blackstone/GSO’s investment gives Rentech a long-term partner with a proven track record in successfully evaluating and investing in new opportunities. Blackstone/GSO can also provide additional capital and access to investment opportunities as we continue to explore opportunities in our fibre and nitrogen businesses. We look forward to working with the Blackstone/GSO team.”

“Rentech owns and operates world-class assets in wood fibre processing and nitrogen fertilizer production,” said Douglas Ostrover, senior managing director of Blackstone and co-founder of GSO. “We have been in conversations with Rentech for nearly two years and have thoroughly evaluated Rentech’s businesses, assets, and management team. We see great potential to create value for Rentech’s shareholders. We look forward to working as a partner with the Company to execute the plans they have, and to explore additional opportunities in the future.”

LSB Industries Inc., Oklahoma City, said April 3 that it is adding three new board members to its 10-member board, including two former Terra Industries Inc. executives. In recent months, activist shareholders have called on LSB to add new independent directors with fertilizer and climate control experience to the board.

New board nominees include Daniel Greenwell, William Murdy and Richard Sanders Jr. Sanders, 57, served as Terra vice president of manufacturing from 2003 until it was acquired by CF Industries Holding Inc. in 2010. Greenwell, 51, was Terra’s corporate controller and senior vice president and CFO from 2005 until the CF acquisition in 2010.

Potash Corp. of Saskatchewan Inc. on April 6 announced that the board of directors has appointed Jochen Tilk as president and CEO, effective July 1, 2014.

After 27 years of dedicated service – during which PotashCorp grew to become the world’s largest crop nutrient company – Bill Doyle will step down as president and CEO, but remain employed with the company as a senior advisor through June 2015.

“We’re pleased to announce Jochen Tilk as the next president and CEO of PotashCorp. Jochen is known for his focus on operational excellence and disciplined growth, and the entire board agreed he was the right person to lead the company forward,” said Dallas Howe, chairman of the board. “The board undertook a rigorous, three-year selection process for the new CEO that included the use of international executive search firms and a review of both internal and external candidates.”

“Jochen’s successful track record, his reputation among peers and commitment to the industry made him the ideal candidate to serve our customers and lead PotashCorp through our next phase of growth,” said Bill Doyle.

Tilk comes to PotashCorp after a 30-year career in the mining industry, most recently serving as president and CEO of Inmet Mining. PotashCorp said he was instrumental in helping grow that company’s market capitalization by 5,000 percent.

“The entire board of directors wishes to express its thanks to Bill Doyle for his long service as President and CEO, and his input during the succession process,” said Howe. “Bill has been an exceptional CEO for PotashCorp and, under his leadership over the past 15 years, PotashCorp was transformed into the global leader it is today. We look forward to Bill’s continued involvement and counsel as senior advisor to our new CEO and the board.”

“It’s been a real privilege to have served PotashCorp for 27 years. The company is in great shape and I am more enthusiastic about the future than I have ever been, especially with the addition of Jochen Tilk,” said Doyle. “PotashCorp has the best people, the best assets in the business and excellent long-term growth prospects. As the world’s largest producer of crop nutrients, we will continue to play an important role in improving global food security.”

“I’m honored to join the PotashCorp team and look forward to getting to know our employees, community members, investors, customers and other stakeholders,” said Jochen Tilk, CEO designate. “PotashCorp has grown and benefitted enormously under Bill’s leadership and the strategies that have created tremendous long-term value. I share his philosophy for running the company and plan to build on this strong foundation. I’m excited about the potential for PotashCorp and look forward to moving to Saskatoon to take up my new duties.”

Canpotex Ltd. has announced that it has agreed to an annual contract with its government and private sector partners in India to supply approximately 1 million mt of potash for shipment through to March 31, 2015 at a price of US$322.00/mt on a CFR basis.

"We are very pleased to conclude these new supply contracts with our long-term Indian customers, and continue our role as a leading potash supplier to this important market,” said Steven Dechka, Canpotex president and CEO.

Dechka also confirmed that Canpotex intends to expand its market development programs in India to help provide Indian farmers with the educational and other tools needed to improve yields through balanced fertilization and best management practices. “We look forward to lending further support to Indian agriculture in collaboration with our Indian partners,” stated Dechka.

Yara International will expand its emissions control business by acquiring a majority 63 percent stake in Green Tech Marine (GTM), a leading sulfur oxide (SOX) scrubber supplier to the marine industry.

“We are excited to get the GTM team onboard. New International Maritime Organization (IMO) regulations are being implemented, and combining GTM with our existing Nitrogen Oxide (NOX) portfolio will help the maritime industry cleanse their emissions and be compliant," says Yves Bonte, senior vice president and head of Yara’s Industrial Segment.

Within the next ten years, ships worldwide will need equipment to comply with the latest IMO exhaust gas emission rules. Starting January 1st 2015, SOX Emission Control Areas will be established in the North Sea, the Baltic Sea, The North American Atlantic Coast and in the Caribbean. According to the DNV "Future Development in Maritime Shipping" report, more than 15,000 ships are expected to be equipped with SOX scrubbers by 2020, representing a potential market of roughly one billion euros. GTM, a subsidiary of Marine Global Group, is an independent provider that has developed a small footprint SOX scrubber that can be retrofitted into any seagoing vessel.

"The synergies we have with Yara on technology development and market reach for maritime business, as well as their global reach, will allow us to take this business a step further and establish ourselves as a leading player in the global market," says Peter Strandberg, CEO of Green Tech Marine.

The GTM investment is Yara’s third investment targeting leading technologies on emissions to air. Yara said adding leading technology to Yara’s global reach and delivery system positions Yara as a leader in the fast growing emissions control business, now targeting the marine sector.

"In combining our existing portfolio of NOX technologies with SOX technologies, as well as with related supply of nitrogen based chemicals and services, we bring a unique total solution to the marine segment. This improves our delivery of a profitable business solution to harmful emissions to air," says Bonte.

Certified by Det Norske Veritas (DNV), the GTM technology is a single stream technology which can be installed on ships instead of silencers. Easy to retrofit, it also benefits from a small physical footprint, and has already been selected by several companies, including Royal Caribbean Cruise Lines and Norwegian Cruise Lines.

Agrium Inc. alerted customers on April 2 that its Carseland, Alberta, manufacturing facility has experienced a failure of the high pressure boiler feedwater supply pumps, resulting in the shutdown of ammonia and urea operations at the site.

Agrium said the equipment failure constitutes an event of Force Majeure, and that it will not be able to fully perform its product supply obligations for urea, ammonia, and ESN “for approximately 8 weeks until the equipment can be repaired or replaced.” Agrium provided a lengthy list of supply contracts that will be impacted by the declaration.

Agrium gave no other details on the extent of the damage, saying only that the equipment failure occurred due to circumstances beyond its “reasonable control.” Agrium earlier on April 2 had reported that the Carseland nitrogen facility had experienced a failure in the auxiliary boiler on March 22, resulting in an unplanned shutdown that would lower product availability by approximately 100,000 mt for urea and 20,000 mt for ammonia during the second quarter. Agrium said then that repairs on the boiler were expected to be complete by the second half of May 2014.

Agrium in 2012 put Carseland production capacity at 680,000 mt/y for urea, with ammonia production rated at 535,000 mt/y gross and 135,000 mt/y net.

Israel Chemicals Ltd. CEO Stefan Borgas has instructed the management of Rotem Amfert to prepare for the shutdown of the Rotem Amfert plant over the next five years. His instruction was given following a statement by Israel’s Health Minister Yael German that she was opposed to even a pilot plant for testing phosphate mining at the Sde Barir field near the town of Arad in southern Israel. The health minister said that after reading reports and comments by public health officials she concluded that even a pilot project would be wrong as it would give no assurances regarding full scale mining operations.

ICL has warned in the past that without the Sde Barir field the company would have to close down its phosphate and fertilizer operations in Israel for lack of rock supplies. Borgas also instructed Rotem Amfert’s management to cease taking on any new workers, purchase of equipment and a halt to renovations of buildings and equipment. The shutdown of Rotem Amfert would entail the firing of 1,200 workers.

Meanwhile the strike by Rotem Amfert workers over a planned reorganization plan and the firing of 127 workers by ICL is continuing contacts between the union and management resumed on Tuesday. However, the latest instruction by Borgas is likely to further complicate the labor situation at the subsidiary as well as at ICL.

Speaking earlier this week at a conference Borgas said ICL would invest 4,500 to $600 million in a new mine at Sde Barir if the government approved mining operations there.