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Mosaic Co. became a reality last week when the firm began trading on the New York Stock Exchange. The roots of the new fertilizer producer are IMC Global and the crop nutrition business of privately held Cargill. Cargill owns 66.5% of the outstanding stock of the new company, with former IMC Global shareholders holding the remaining 33.5%. Actually, Mosaic becomes IMC's parent.
The new company has major production units in Florida, Michigan, Louisiana, New Mexico, and Saskatchewan. Mosaic says it also has "significant equity interests in leading phosphate producers in the rapidly growing markets of China and Brazil."
The company, based in Minnetonka, Minn., expects to have annual revenues exceeding $4.5 billion in its first fiscal year, with more than 8,000 employees in 15 countries serving customers in more than 50 countries. Principal products are phosphates, potash, nitrogen fertilizers, and feed ingredients.
Mosaic's senior management team rang the closing bell on Monday's stock exchange trading session. Using an apt metaphor, CEO Fredric W. (Fritz) Corrigan said, "Mosaic plans to harvest synergies, reduce phosphate mining and processing costs, reduce working capital, pay down debt, and earn the right to grow."
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BELL RINGER Mosaic team celebrates at the New York Stock Exchange. |
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PHOTO BY MEL NUDELMAN/NYSE
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