Russia's PhosAgro completes consolidation of Metachem assets

18 July 2013 12:37  [Source: ICIS news]

LONDON (ICIS)--PhosAgro has completed the consolidation of the core assets of Metachem, which include the firm's phosphoric and sulphuric acids, potassium sulphate and tripolyphosphate (TSP) production units, the Russian fertilizer giant confirmed on Thursday.

In a short statement, PhosAgro said it increased its stake in Metachem from 74.76% to 100% and that capital expenditure on a new 100,000 tonne/year nitrogen, phosphate and potassium (NPK) fertilizer production line due for commissioning in early 2014 is expected to total around $12m ($9m).

"Through a sequence of related transactions, PhosAgro sold the non-core assets of Metachem to the former minority owners of Metachem," the Moscow-based phosphate producer said this morning. "The non-core assets included 100% of the shares of Pikalevskaya Soda and property related to cement production."

"With the income from these related transactions, including the sale of non-core assets, PhosAgro's expenditures on the full consolidation of 100% of Metachem amounted to slightly more than $14m."

($1 = €0.76)

By: Richard Ewing
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly