Canada's PCS acquires 26% of Arab Potash for $173m

16 October 2003 17:47  [Source: ICIS news]

HOUSTON (CNI)--A subsidiary of Canadian fertiliser producer Potash Corporation of Saskatchewan (PCS) said Thursday it has purchased a 26% interest in the Arab Potash Company (APC) for $173m (Euro147.9m).

Bill Doyle, president and chief executive of Saskatoon, Saskatchewan-based PCS, said the transaction will strengthen both companies and help them better serve their customers.

He added: "It will bring to APC the production expertise of PCS which will improve APC's overall performance. For PCS it will enhance distribution and marketing efficiencies by adding a new and geographically distinct source of supply."

APC produces potash from the Dead Sea and is the world's eighth largest potash producer with 2m tonne/year. Its primary markets are India, China and Europe. PCS markets are North America, Brazil and China.

Said PCS: "APC's location advantage to certain markets, access to port and low production costs make that company a natural fit to advance the PCS strategy to be a low-cost global supplier."

Potash Corporation of Saskatchewan bills itself as the world's largest fertiliser enterprise producing the three primary plant nutrients and a leading supplier to three market categories.

By: Mike Sheridan
+1 713 525 2653

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