Mosaic to invest $300m toward growing Brazil business: CEO
16 July 2013 22:28 [Source: ICIS news]
HOUSTON (ICIS)--Mosaic sees ?xml:namespace>Brazil’s expanding agriculture sector as a prime place for the company to increase its share of the global fertilizer market and plans to invest $300m in growth opportunities there, the CEO of the North American fertilizer producer said on Tuesday.
Speaking during a fiscal Q4 earnings conference call, Mosaic CEO James Prokopanko said shipments outside of North American for the company remain strong, especially with record movement to Brazil.
“In Brazil, where the future of agriculture is bright, we’re making a significant new investment to expand our presence. Over the next five years we intend to spend approximately $300m on a number of projects to build, expand or acquire facilities,” Prokopanko said.
In addition, he said Canadian potash exporting firm Canpotex, of which Mosaic is an owner along with PotashCorp and Agrium, had its best March-May period due in part to the high volumes that went to Brazil.
Mosaic said it would provide further details about its Brazil strategy at the company’s Analyst Day in New York on 7 October.By: Mark Milam
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