All Posts from April 6, 2015

Chile charges SQM board; 1Q takes $7 M hit

News, News Briefs

Santiago — Sociedad Química y Minera de Chile SA (SQM) said April 1 that the Chilean Superintendence of Securities and Insurance initiated an administrative process against the five current members of SQM’s board of directors for allegedly failing to provide the market with information that could be relevant for investment decisions in a timely and reliable manner. SQM said the information is mainly related to the preliminary estimate of the potential impact on the company’s financial statements of certain expenses ($11 million) paid by SQM between 2009-2014, and that may and that may not qualify as tax expenses under the Chilean tax code, due to insufficient supporting documentation (GM March 30, p. 12). As a result, SQM said March 30 that it has paid $7 million, which will be charged against first-quarter 2015 net income. Of this, $4 million was related to tax expenses and $3 million interest.

Truth Chemical – Management Brief

Management Briefs

Truth Chemical reports that Ted Schroder joined the company, effective April 1, as sales and marketing manager. Truth says he has over 33 years of experience in the sales/operations of hazardous and non-hazardous material transportation. This includes tank truck, intermodal, rail to truck and tank storage for liquid and dry bulk products throughout North America. He previously held positions in marketing and logistics for 15 years with Trimac Transportation, and most recently with Action Resources.

Schroder will be working out of his office in Peachtree City, Ga. He can be reached via email at tschroder@truthind.com; cell: 770.713.6260; or mailing address: 105 Grapevine Curve, Peachtree City, Ga. 30269

Savage – Management Brief

Management Briefs

Savage, Salt Lake City, said that effective April 1, Kirk Aubry became president and CEO. The leadership change was first announced in February, with former CEO and current Board Chair Allen Alexander retiring in June after 37 years with the company.

Aubry joined Savage in 2010 as executive vice president and chief operating officer. He was named president in 2012. His past experience includes serving as COO of Cadence, vice president of Textron, and owner of his own business for 12 years.

Yara International ASA – Management Brief

Management Briefs

The board of directors of Yara International ASA has appointed Svein Tore Holsether as the company’s new president and CEO. He is expected to succeed acting CEO Torgeir Kvidal by Oct. 1, 2015.

Holsether currently serves as president and CEO of Sapa Group, a position he has held since 2011. Prior to this, he has held a number of management positions in Elkem, Orkla, and Sapa. Holsether holds a B.S. in Finance from the University of Utah.

Kvidal, who has served as acting CEO since October 2014, will resume his previous position as CFO. At the same time, Thor Giæver, currently acting CFO, will return to his position as head of investor relations.

Growmark to acquire Magellan fuel terminal

News, News Briefs

Bloomington, Ill. — Growmark Inc. and Magellan Pipeline Co. LP have entered into an agreement in which Growmark will acquire the refined fuels terminal near St. Joseph, Mo. Terms of the acquisition were not disclosed. Growmark says this will enable it to ensure continued supply of refined fuels and solidify the cooperative’s commitment to the energy business and to northwestern Missouri and northeastern Kansas. In addition to the current diesel fuel availability at the terminal, Growmark intends to offer ethanol blends of gasoline in the future. Growmark said the terminal will expand its supply capacity and facilitate continued growth. However, last week Growmark told Green Markets that it has no plans to upgrade the facility to handle fertilizer products. Magellan will continue to deliver refined fuels into the St. Joseph terminal via its Midwest pipeline system.

Tamar gas to go to Jordan

News, News Briefs

Tel Aviv — The Tamar Consortium has been granted the first gas export license by the Israeli government. The approval is for the export of gas to Jordan’s Arab Potash Co. (APC) and Arab Bromine Co. The relatively small contract calls for the supply of 1.8 billion cubic meters of gas over 15 years. The deal is valued at $500-$700 million. APC and its sister company, Jordan Bromine, are interested in purchasing the gas to reduce their energy costs. The original agreement with Tamar (Noble Energy Inc., Delek Drilling, Avner Oil and Gas, Isramco, and Alon Gas Exploration) was signed in February 2014. Gas supplies are expected to commence in 2016 after a transmission line is built to Jordan. In September, Israel’s Gas Council decided that gas exporters will cover the cost of transmission pipelines used for exports. This will require the companies to participate in the cost of constructing a pipeline to Jordan and the Palestinian Authority. At the time, the Gas Council estimated the cost of building a transmission line to Jordan and the Palestinian Authority at $80 million.

Scotts’ Hawthorne buys two businesses

News, News Briefs

New York — The Hawthorne Gardening Co., a unit of Scotts Miracle-Gro Co., Maryville, Ohio, said April 2 that it is growing its indoor and urban gardeners business by buying General Hydroponics Inc. and Bio-Organic Solutions Inc. The liquid nutrients and growing media products manufactured by these California-based companies are marketed under the General Hydroponics and Vermicrop brands, respectively. Ross Haley, CEO and co-founder of Vermicrop, will continue to oversee both brands and will remain based in California. All manufacturing operations will remain in place. Bio-Organics/Vermicrop is based in Olivehurst and General Hydroponics is in Sebastopol, with a 45,000 sq. ft. warehouse/production facility on ten acres in Sonoma County. Hawthorne also owns organic gardening brands EcoScraps® and Whitney Farms® and is a partner with AeroGrow International, a manufacturer of hydroponic gardening equipment for consumers.

Yara introduces new fertilizer coating product

News, News Briefs

Tampa, Fla. — Yara North America Inc. on March 31 announced a new fertilizer coating product, YaraVita Procote, which will be distributed in the U.S. by Nachurs Alpine Solutions. Procote is an oil-based, micronutrient liquid suspension fertilizer that will be available in the elements zinc, copper, manganese, boron, and their combinations. Yara said Procote is simply sprayed in the blender via a pumping system, providing for even coverage of each fertilizer granule and virtually eliminating dust and segregation, resulting in better handling during transportation and improved spreading in the field. “Every fertilizer granule carries the right amount of micronutrient and delivers it efficiently to each plant,” said Adam Richardson, Yara’s foliar and micronutrient product manager. Added Murray Van Zeggelaar, vice president of marketing for Nachurs: “Research has shown that even distribution of nutrients means higher yields on crops such as corn, wheat, and cotton.” More information is available at www.yara.us/procote.

Pinnacle acquires Illinois retail location

News, News Briefs

Memphis, Tenn. — Pinnacle Agriculture Holdings LLC announced that it has successfully acquired Good Hope Fertilizer Inc. in Good Hope, Ill. Founded in 1970, Good Hope is a full-service agricultural input retailer offering seed, crop protection chemicals, fertilizer, precision agriculture, and crop scouting services to growers in west-central Illinois. The business will operate as part of Pinnacle’s Providence Agriculture™ brand, and will remain at its present location at 11575 State Route 9. All employees will retain their current positions. “Good Hope Fertilizer is a highly-regarded business with similar company values and goals of grower success, so naturally we are very pleased with this acquisition,” said Todd Louiso, Providence Agriculture area operations manager. “We are excited about the Good Hope Fertilizer staff joining our team, and we look forward to continuing the excellent service that the company has provided area growers for the past 45 years.” Good Hope is Providence Agriculture’s 23rd retail location across ten states. “Our union with Providence Agriculture allows us to enhance the products and services that we bring to our customers,” said Craig Lant, who purchased the business in 2007 and will continue as location manager under Pinnacle’s ownership. “We are aligning with a team that is committed to innovation and capable of delivering enhanced solutions. Also, Providence Agriculture’s foundation of trust, loyalty, and integrity is very similar to our company culture, so the transition should be seamless for our customers.” In addition to the Providence Agriculture brand, Pinnacle also operates through its Sanders®, Performance Agriculture™, AgOne Application Services™, OptiGro®, Innvictis™, Meridian™, and Altitude™ brands, serving growers across 27 states.

H.J. Baker – Management Brief

Management Briefs

H.J. Baker, Westport, Conn., announced on March 30 that Gary Bingham has joined its Crop Performance Division as regional sales manager for the Pacific Northwest. He will be in charge of growing sales of H.J. Baker’s Tiger-Sul product line in Washington, Oregon, Idaho, Montana, and Utah.

Bingham has more than 20 years of industry experience in sales and marketing. He held previous positions at Valley Wide Cooperative, where he generated $3 million in new business annually and increased savings by negotiating procurement and inventory programs and purchasing contracts with key partners. Bingham also spent several years working with Land View Inc. as an area manager. For the past 15 years he has played a key role in building a nationwide Potato Growers Co-op, and has also worked with Monsanto’s NatureMark Potatoes.

Disclaimer of Warranty
All information has been obtained by Green Markets from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Green Markets or others, Green Markets does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.

For additional details visit our Terms of Use.