Germany’s K+S Group confirmed with Green Markets today that it will only be selling its North and South American salt business. The Bethune, Sask., potash asset is not being sold. The salt sale is expected by the end of the year.
Urea prices in North Africa jumped with the announcement that Sorfert of Algeria sold 7,000 mt of granular urea at $275/mt FOB for April shipping. The cargo is reportedly heading for a European buyer. The sale represents a jump of about $15/mt in Sorfert pricing and $10/mt from a MOPCO/Egypt sale late last week at $265/mt FOB.
Germany’s K+S Group today said it is driving to complete the sale of the Operating Unit Americas forward and is realigning the company. It said it will completely sell the Operating Unit Americas, in which the North and South American salt business is bundled. A sales agreement is expected before the end of this year.
The company said it will focus on the core business with mineral fertilizers and specialties and will continue to pursue the ongoing increases in efficiency and productivity.
The implementation of all measures will make it possible to reduce debt by well over EUR 2 billion over the next two years.
K+S has increased operating earnings (EBITDA) in the 2019 financial year by a moderate 6 percent to € 640 million. Group revenues remained almost stable in 2019 at just over € 4 billion.
