Koch Agronomic Services LLC, Wichita, said May 4 that it completed its acquisition of Compass Minerals’ North American micronutrient assets, the global intellectual property rights, with trademarks and patents and certain other assets associated with Wolf Trax®, Rocket Seeds® and Hydro Bullet™ product platforms.
Australia’s Incitec Pivot Ltd. says its wholly-owned subsidiary, Incitec Fertilizers, has entered into a 20-year off-take agreement with junior producer Perdaman Chemicals and Fertilisers with a commitment to take up to 2.3 million mt/y of granular urea from Perdaman’s proposed urea plant at Karratha in Western Australia, according to Bloomberg. The deal is subject to certain conditions precedent, with a primary one relating to Perdaman’s obtaining financing for construction of the new plant which in turn depends on Perdaman finalizing gas supply arrangements and obtaining various environmental and other regulatory approvals for the plant. Completion of the plant is tentatively anticipated by the end of 2025.
The Andersons Inc., Maumee, Ohio, reported its Plant Nutrient segment had its best first quarter since 2008. Company-wide, the company saw its best first quarter since 2014, with net income attributable to the company of $15.1 million compared to a year-ago loss of $37.7 million.
Compass Minerals, Overland Park, Kan., reported net income from continuing operations of $32.9 million on sales of $426 million, compared to the year-ago $33.9 million and $346.9 million, respectively. Continuing businesses include its Salt and Plant Nutrition segments (formerly Plant Nutrition North America).
Discontinued businesses, which have been sold, include its North America micronutrient business and select assets from tis South American business. Including these businesses, Compass had a net loss of $223.6 million compared to year-ago income of $27.6 million.
CVR Partners LP, Sugar Land, Texas, reported a first-quarter net loss of $25 million on net sales of $61 million, compared to the year-ago loss $21 million and net sales of $75 million. EBITDA was $5 million, down from the year-ago $11 million.
Nutrien Ltd. announced first-quarter net earnings of $133 million, up from the year-ago loss of $35 million and beating $38.3 million, the Bloomberg Consensus average from major analysts. Nutrien also posted adjusted EBITDA of $806 million, up from the year-ago $508 million and surpassing analyst projections of $666.6 million.
