![]() 18 at its three largest mines in Rocanville, Lanigan and Allan in Saskatchewan. of Saskatchewan (TSX:POT), which said in December it is temporarily laying off 940 employees for eight weeks starting Jan. The indefinite layoffs affect 700 workers in Esterhazy as of Feb. (NYSE:MOS) issued layoff notices to 1,000 workers in Saskatchewan, a province once buoyed by a commodities boom. ![]() On Monday, Plymouth, Minn.-based fertilizer company Mosaic Co. Others in the agricultural sector have been pinched by the economic downturn as well. "We continue to operate our phosphate and potash facilities below full rates," the company said. A write-down typically occurs on a company's financial statement. However, the company said Thursday it is restarting the Fort Saskatchewan plant and resuming full rates of urea production to due to a strengthening in demand. Write-Down: A write-down is the reducing of the book value of an asset because it is overvalued compared to the market value. and shut down production at its Fort Saskatchewan nitrogen facility. Last month Agrium laid off 380 workers at its potash operations in Vanscoy, Sask. retail business in recent years, first with its $590.5-million acquisition of Royster Clark in 2006, then with its $2.65-billion takeover of UAP Holding Corp. "These adjustments are indicative of the unprecedented volatility in global economic and commodity markets, and the decline in certain nutrient prices since early December 2008 when we issued updated guidance," Agrium stated after markets closed Thursday.Īgrium has been growing its U.S. The company had previously announced an expected writedown of $90 million in that part of the business. ![]() The change is primarily due to a difference between the expected value of nutrient sales prices and prices the division has contracted for in 2009, the company stated late Thursday.Īgrium also expects a further $21-million writedown in its wholesale purchase for resale division. The Calgary-based company said $85 million is related to Agrium's North American retail operations, which are mainly in the United States, with the remaining $11 million in the company's South American retail operations. Analysts had expected Siemens AG to post a net profit of 1.5 billion euros in its third quarter. (TSX:AGU) says it expects to take a US$96-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry. Siemens said on Thursday it was booking a writedown that will result in a 2.8 billion euro.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |