Posts By Date - Green Markets

Shareholder says Innophos should consider sale

FrontFour Capital Group LLC, which holds a 3.3 percent stake in specialty phosphate maker Innophos Holdings Inc., sent a letter to Innophos dated Oct. 7, suggesting that the company consider a sale. Other alternatives included pursuing options to reducing its GTSP exposure, improving financial disclosures regarding capital spending, implementing a more attractive dividend, and accelerating share repurchase activity.

Innophos confirmed receipt of the letter and said it regularly engages in open and transparent dialogue with investors and will always consider constructive input from shareholders that helps drive long-term shareholder value. Frontfour had met with Innophos executives Aug. 14. Frontfour is concerned about what it calls a significant valuation gap between Innophos’ current share price versus comparable publicly traded specialty chemical companies with sizable exposure to the food, beverage and pharmaceutical end markets.

The Andersons buys Michigan assets

October 8, 2014Breaking Industry Newswebster@kennedyinfo.com

The Andersons Inc. said Oct. 8 that it has purchased Auburn Bean and Grain of Auburn, Mich. The purchase includes six grain and four agronomy assets of the company located throughout north central Michigan.

"This acquisition provides an increase in our storage capacity and volume for both our grain and nutrient businesses, and it also represents a nice geographic fit between our other Michigan assets and our Thompsons joint venture in Ontario," says CEO Mike Anderson. "As a family-owned business with a history of nearly 100 years Auburn Bean and Grain is an excellent cultural fit, especially with our similar philosophies in providing exceptional customer service."

Clifford Vennix, Chairman and CEO of Auburn Bean and Grain, adds, "We believe The Andersons is best suited to continue our legacy of service and excellence into the future. We know they will bring added opportunity to our customers and employees."

With this transaction, The Andersons will acquire a total of six grain and four agronomy assets, with a combined grain storage capacity of about 18.1 million bushels, 16,000 tons of dry and 3.7 million gallons of liquid nutrient capacity and more than 80 employees. The facilities have multiple rail interchange agreements in place with all of the eastern Class I railroads CSX, NS and CN.

"Through this acquisition we will increase the storage capacity of our Grain Group by about 13 percent and further enhance our presence in one of our core states, Michigan," says Anderson.