Richardson International Ltd., Winnipeg, Manitoba, has announced the acquisition of 10 retail crop inputs locations in Western Canada from CHS Canada LP. The transaction is expected to close in November. Richardson will acquire nine crop inputs locations in Alberta – Alix, Beiseker, Bow Island, Carseland, Craddock, Lacombe, Rolling Hills, Standard and Vauxhall – and one in Edenwold, Sask. All 10 locations are full-service crop input retailers, providing producers with chemical, fertilizer and seed services.
The Mosaic Co. announced third quarter net earnings attributable to the company of $227.5 million ($0.65 per diluted share) on sales of $1.98 billion, up from the year-ago $39.2 million ($0.11 per share) and $1.95 billion, respectively. Some $91 million or $0.22 per share of the earnings came from notable items, including a land sale and a foreign currency transaction gain.
The Mosaic Co. announced the idling of its Plant City, Fla., concentrates plant for an indefinite period of at least one year. It said the move is expected to ensure minimal market disruption from new capacity additions, including Mosaic’s Saudi Arabian joint venture, and is expected to result in higher phosphate margins and lower capital requirements. The company expects to serve a significant portion of its distribution business and other Indian customers more effectively with phosphate production from its Saudi Arabian jv and will focus U.S. production on the North and South American markets where it has logistical advantages.
Mosaic says it has identified additional value creation opportunities ahead of the pending acquisition of Vale Fertilizantes, which are expected to result in $275 million of annualized improved cash flow by the end of 2020. This guidance replaces the previously announced target of $75 million in annual operating synergies.
Mosaic has approved a reduction in the annual dividend target to $0.10 per share and declared a quarterly dividend of $0.025 per share to be paid on Dec. 21, 2017 to stockholders of record as of close of business on Dec. 7, 2017.
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