DEERFIELD, Ill. -- (Business Wire)
CF Industries Holdings, Inc. (NYSE: CF) announced today that it has
closed the acquisition of the outstanding interests it did not already
own in GrowHow UK Limited (GrowHow) for total cash consideration of $580
million. GrowHow owns and operates nitrogen production facilities in
Ince and Billingham, U.K.
“We are pleased to welcome 550 new employees from GrowHow to CF
Industries and to add the production facilities in Ince and Billingham
to our system of nitrogen complexes,” said Tony Will, president and
chief executive officer, CF Industries Holdings, Inc. “Our U.K.
operations are well-positioned in an import dependent region to serve
our customers’ needs and to create value for shareholders. We look
forward to working with our new colleagues to ensure our products remain
the first choice for British farmers.”
This acquisition has increased CF Industries’ annual marketable nitrogen
volume by approximately 450,000 short tons of gross ammonia; 600,000
short tons of ammonium nitrate; and 200,000 short tons of NPK compounds.
Prior to the close of the transaction, GrowHow’s results were included
in CF Industries’ financial statements under Equity in Earnings of
Non-Operating Affiliates – Net of Taxes.
About CF Industries Holdings, Inc.
CF Industries Holdings, Inc., headquartered in Deerfield, Illinois,
through its subsidiaries is a global leader in the manufacturing and
distribution of nitrogen products, serving both agricultural and
industrial customers. CF Industries operates world-class nitrogen
manufacturing complexes in the central United States, Canada, and the
United Kingdom, and distributes plant nutrients through a system of
terminals, warehouses, and associated transportation equipment located
primarily in the Midwestern United States. The company also owns a 50
percent interest in an ammonia facility in The Republic of Trinidad and
Tobago. CF Industries routinely posts investor announcements and
additional information on the company’s website at www.cfindustries.com
and encourages those interested in the company to check there frequently.
Safe Harbor Statement
All statements in this communication, other than those relating to
historical facts, are “forward-looking statements.” These
forward-looking statements are not guarantees of future performance and
are subject to a number of assumptions, risks and uncertainties, many of
which are beyond our control, which could cause actual results to differ
materially from such statements. These statements include, but are not
limited to, statements about future strategic plans; and statements
about future financial and operating results. Important factors that
could cause actual results to differ materially from our expectations
include, among others: the volatility of natural gas prices in North
America and the United Kingdom; the cyclical nature of our business and
the agricultural sector; the global commodity nature of our fertilizer
products, the impact of global supply and demand on our selling prices,
and the intense global competition from other fertilizer producers;
conditions in the U.S. and U.K. agricultural industry; difficulties in
securing the supply and delivery of raw materials, increases in their
costs or delays or interruptions in their delivery; reliance on third
party providers of transportation services and equipment; the
significant risks and hazards involved in producing and handling our
products against which we may not be fully insured; risks associated
with cyber security; weather conditions; our ability to complete our
production capacity expansion projects on schedule as planned and on
budget or at all; an inability to achieve, or delay in achieving, the
expected benefits of the GrowHow transaction as contemplated; risks
associated with other expansions of our business, including
unanticipated adverse consequences and the significant resources that
could be required; potential liabilities and expenditures related to
environmental and health and safety laws and regulations; our potential
inability to obtain or maintain required permits and governmental
approvals or to meet financial assurance requirements from governmental
authorities; future regulatory restrictions and requirements related to
greenhouse gas emissions; the seasonality of the fertilizer business;
the impact of changing market conditions on our forward sales programs;
risks involving derivatives and the effectiveness of our risk
measurement and hedging activities; our reliance on a limited number of
key facilities; risks associated with joint ventures; acts of terrorism
and regulations to combat terrorism; risks associated with international
operations; losses on our investments in securities; deterioration of
global market and economic conditions; and our ability to manage our
indebtedness. More detailed information about factors that may affect
our performance may be found in our filings with the Securities and
Exchange Commission, including our most recent periodic reports filed on
Form 10-K and Form 10-Q, which are available in the Investor Relations
section of the CF Industries website. Forward-looking statements are
given only as of the date of this release and we disclaim any obligation
to update or revise the forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by
law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150731005674/en/
Contacts:
CF Industries Holdings, Inc.
Dan Swenson, 847-405-2515
Treasurer
dswenson@cfindustries.com
or
Chris
Close, 847-405-2542
Director, Corporate Communications
cclose@cfindustries.com
Source: CF Industries Holdings, Inc.
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