The sale of the US plant clears the road for the company to demerge.
Incitec Pivot Limited has sold its ammonia manufacturing facility located in the United States for $US1.7 billion , clearing the roadIncitec also secured a 25-year ammonia supply agreement between its Dyno Nobel Americas explosives business and the buyer, CF Industries Holdings, valued at $US425 million.
Headquartered in Melbourne, Incitec Pivot is a manufacturer and distributor of fertilisers, explosives and chemicals, with 20 manufacturing plants located in Australia, the United States, Canada, Mexico, Indonesia and Turkey, and joint venture operations in South Africa, China and Australia.The company said the sale of the Waggaman plant is still subject to US anti-trust regulatory clearances and the completion of other customary closing conditions.
“The value allocated to the ammonia supply agreement is approximately $US425 million which will be offset from the cash proceeds of the sale agreement for Waggaman,” Incitec said in a statement.
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