Mosaic buys Florida fertilizer operations for $1.4 billion
Plymouth-based Mosaic is acquiring a rival's phosphate-fertilizer making operations in Florida for $1.4 billion.
The deal gives Mosaic the facilities it was going to have to build nearby at a new phosphate mine the company is planning.
Acquiring the infrastructure and a related phosphate mine from CF industries saves Mosaic half a billion dollars, the company said. The transaction also includes a long-term ammonia supply agreement with CF Industries.
"The acquisition of the phosphate business. the ammonia supply agreement all make for a very attractive deal for our shareholders, our customers and our employees, said Larry Stranghoener, Mosaic's chief financial officer.
The company plans to invest the money it saves in developing phosphate rock reserves and improving existing mines. Shares of Mosaic were up about 1 percent Monday afternoon.
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