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)
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