CF Industries Completes Acquisition of Remaining 50 Percent Interest in GrowHow from Yara for $580 million
Company Release - 07/31/2015 13:04
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.