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December 3, 2013
06:06 EDTPOTPotash announces an 18% workforce reduction in Canada, U.S. and Trinidad
The company expects to cut reduce the workforce by 440 in Saskatchewan, 130 people in New Brunswick, 350 people in Florida, 85 people in North Carolina and 40 people in other U.S. locations and Trinidad. The company cites sluggish environment in fertilizer demand. The company also plans to suspend production at one of its Lanigan mills by year end, reducing production at its Cory facility by year end and ceasing production at its Penobsquis facility by 1Q14. The company anticipates its 2014 operational capability will provide it the ability to supply more than 10M tonnes. Potash expects potash cost savings of $15-$20 per tonne in 2014 with a targeted reduction of $20-$30 per tonne by 2016. In phosphate, the company expects annualized gross margin improvement of approximately $10-$15 per tonne. One-time costs associated with these changes are expected to approximate $60M for severance charges.
News For POT From The Last 14 Days
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April 15, 2014
11:44 EDTPOTPotash Corp. advances after report says BHP could make new bid
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10:09 EDTPOTPotash upgraded to Neutral from Sell at Miller Tabak
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09:16 EDTPOTOn The Fly: Pre-market Movers
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09:07 EDTPOTPotash volatility expected to move on speculation of being target
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07:46 EDTPOTPotash Corp. speculated to be targeted again by BHP Billiton, Globe & Mail says
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April 9, 2014
12:04 EDTPOTU.S. corn exports projected to increase 125M bushels
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April 8, 2014
09:35 EDTPOTActive equity options trading on open
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07:40 EDTPOTIncoming Potash CEO likely to maintain priority on price, Reuters says
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April 6, 2014
19:24 EDTPOTPotash appoints Jochen Tilk president and CEO, Bill Doyle to step down
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