The public and private owners of nitrogen fertilizer firm Saskferco are seeking a buyer for the Regina company.
Investment Saskatchewan, a Crown investment corporation, and Minnesota phosphate and potash company Mosaic Co., formed in 2004 from a merger by IMC Global and Cargill Crop Nutrition, announced their plans Friday.
“The sale of Saskferco will allow us to focus on our core businesses
of potash and phosphates and to fund the planned expansions of our
Saskatchewan potash mines and other non-U.S. assets,” said Jim Prokopanko, CEO of Saskferco’s 50 per cent equity owner Mosaic, in a release Friday.
“We remain fully
committed to Saskatchewan and are aggressively pursuing our 5.1 million-tonne
potash capacity expansion initiative in the province over the next 12 years,” he said, adding Saskferco will have “an exciting future under new ownership.”
“Provided that a fair value can be obtained, there is no longer
any reason for the government to retain its minority ownership position,” said Lyle Stewart, the provincial minister responsible for Investment Saskatchewan.
expect Saskferco to continue as a vibrant and successful private company in
our provincial economy,” he said.
Billed by Mosaic as “one of the world’s most efficient nitrogen production facilities,” Saskferco is headquartered in Regina with a fertilizer plant built in 1992 at Belle Plaine, east of Moose Jaw, and a warehouse at Carman, Man., about 80 km southwest of Winnipeg.
Both companies added a disclaimer that “there can be no certainty a sale of Saskferco will result from this