DEERFIELD, Ill. & ZURICH--(BUSINESS WIRE)--
CF Industries Holdings, Inc. (NYSE: CF) and Keytrade AG (Keytrade)
announced today that the principals of Keytrade, a global fertilizer
trading company, have purchased CF Industries’ interest in the joint
venture.
Following the divestiture of CF Industries’ phosphate segment, the
nature of the joint business between CF Industries and Keytrade changed.
Additionally, as a result of the joint venture, Keytrade was not able to
pursue nitrogen-related business in North America. Following
discussions, the principals of Keytrade have decided to purchase all of
CF’s interest in the joint venture in order to allow Keytrade to execute
its independent business plan.
“We have enormous respect for Melih Keyman and the rest of the Keytrade
organization,” commented Tony Will, president and chief executive
officer, CF Industries Holdings, Inc. “We have a great working
relationship and look forward to continuing to work with Keytrade as our
preferred international trading partner.”
“While our eight-year partnership has created value for both parties,
under the new global supply scenario it is important for Keytrade to
regain its full flexibility as a private company and be able to pursue
the full range of attractive growth opportunities. Changed circumstances
required us to exercise our options. We have enjoyed and benefitted
tremendously from being partners with CF and look forward to working
with them as before,” said Melih Keyman, original founder, president and
chief executive officer of Keytrade AG.
Prior to this transaction, CF Industries held a 50 percent interest in
Keytrade and reported the financial results from CF Industries’ share in
the joint venture under Equity in Earnings of Non-Operating
Affiliates—Net of Taxes.
About CF Industries Holdings, Inc.
CF Industries Holdings, Inc., headquartered in Deerfield, Illinois,
through its subsidiaries is a global leader in the manufacturing and
distribution of nitrogen products, serving both agricultural and
industrial customers. CF Industries operates world-class nitrogen
manufacturing complexes in the central United States and Canada, and
distributes plant nutrients through a system of terminals, warehouses,
and associated transportation equipment located primarily in the
midwestern United States. The company also owns 50 percent interests in
GrowHow UK Limited, a plant nutrient manufacturer in the United Kingdom,
and an ammonia facility in The Republic of Trinidad and Tobago. CF
Industries routinely posts investor announcements and additional
information on the company’s website at www.cfindustries.com
and encourages those interested in the company to check there frequently.
Safe Harbor Statement
All statements in this communication, other than those relating to
historical facts, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
our control, which could cause actual results to differ materially from
such statements. Important factors that could cause actual results to
differ materially from our expectations include, among others: the
volatility of natural gas prices in North America; the cyclical nature
of our business and the agricultural sector; the global commodity nature
of our fertilizer products, the impact of global supply and demand on
our selling prices, and the intense global competition from other
fertilizer producers; conditions in the U.S. agricultural industry;
difficulties in securing the supply and delivery of raw materials,
increases in their costs or delays or interruptions in their delivery;
reliance on third party providers of transportation services and
equipment; the significant risks and hazards involved in producing and
handling our products against which we may not be fully insured; risks
associated with cyber security; weather conditions; our ability to
complete our production capacity expansion projects on schedule as
planned and on budget or at all; risks associated with other expansions
of our business, including unanticipated adverse consequences and the
significant resources that could be required; potential liabilities and
expenditures related to environmental and health and safety laws and
regulations; our potential inability to obtain or maintain required
permits and governmental approvals or to meet financial assurance
requirements from governmental authorities; future regulatory
restrictions and requirements related to greenhouse gas emissions; the
seasonality of the fertilizer business; the impact of changing market
conditions on our forward sales programs; risks involving derivatives
and the effectiveness of our risk measurement and hedging activities;
our reliance on a limited number of key facilities; risks associated
with joint ventures; acts of terrorism and regulations to combat
terrorism; risks associated with international operations; losses on our
investments in securities; deterioration of global market and economic
conditions; and our ability to manage our indebtedness. More detailed
information about factors that may affect our performance may be found
in our filings with the Securities and Exchange Commission, including
our most recent periodic reports filed on Form 10-K and Form 10-Q, which
are available in the Investor Relations section of the CF Industries
website. Forward-looking statements are given only as of the date of
this release and we disclaim any obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150626005772/en/
CF Industries Holdings, Inc.
Dan Swenson
Treasurer
847-405-2515
dswenson@cfindustries.com
or
Chris
Close
Director, Corporate Communications
847-405-2542
cclose@cfindustries.com
Source: CF Industries Holdings, Inc.