K+S sell nitrogen fertilizer unit EuroChem

K+S to sell nitrogen fertilizer unit to EuroChem

4:50 AM, 9th May 2012
K+S to sell nitrogen fertilizer unit to EuroChem
Dmitry Strezhnev, CEO, EuroChem.

KASSEL, GERMANY/MOSCOW, RUSSIA: K+S Aktiengesellschaft has signed an agreement with EuroChem regarding the sale of K+S Nitrogen, one of the leading suppliers of nitrogenous fertilizers. The transaction, with an enterprise value of €140 million for K+S Nitrogen, is likely to be closed at the end of the second quarter of 2012. The sale is subject to a number of factors, including approval by the EU antitrust authority.

For K+S, the sale will generate a book profit of around €70 to 80 million, depending on the net earnings of K+S Nitrogen generated by the time the transaction is closed together with other effects. From now on, K+S Nitrogen will be stated as a ‘discontinued operation.’

“K+S Nitrogen is a natural extension to our recently acquired EuroChem Antwerpen operations. This acquisition provides us with a world-renowned platform while further securing our competitiveness in key markets worldwide. We welcome the highly skilled staff of K+S Nitrogen and our clients and partners may rest assured that the high level of service they have grown accustomed to with K+S Nitrogen will be maintained,” said Dmitry Strezhnev, CEO, EuroChem.

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