Farmland to sell Joplin plant to Potash Corp.

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Farmland Industries has agreed to sell its Joplin Phosphate Plant to Potash Corp. of Canada for an undisclosed amount, according to a press release from the company.|ret||ret||tab|

The new owner plans to "idle" the plant's production of ammonium phosphate fertilizer, but will continue production of animal-feed phosphate at the plant, which employs 47 people|ret||ret||tab|

"The Joplin acquisition will permit us to better serve customers in the growing Southwest market, particularly through our closer proximity to their plants," said Bill Doyle, president and chief executive officer of Potash Corp.|ret||ret||tab|

Potash Corp., based in Saskatoon, Sas-katchewan, Canada, is a publicly traded company with worldwide operations producing nitrogen, phosphates and pot-ash.|ret||ret||tab|

The Joplin plant formerly Farmers Chemical Co. has a capacity of 180,000 tons of phosphate used in animal feed, including feed for the poultry industry.|ret||ret||tab|

The plant also produced 60,000 tons of ammonium phosphate fertilizer annually. Potash Corp. had net sales of just over $2 billion in 2001 and net income of $121 million. |ret||ret||tab|

That is down from $2.2 billion in net sales for 2000, and earnings that year of $199 million, the release stated.|ret||ret||tab|

The acquisition increases the new owner's annual feed-phosphate capacity to 1.3 million tons. |ret||ret||tab|

Potash Corp. has several other feed-phosphate operations in the United States and one in Brazil.[[In-content Ad]]