The Mosaic Company has announced that it has realigned its business segments to more clearly reflect the Company's evolving business model.
The realignment includes moving from three to two business segments by combining the Offshore business segment with the Phosphates business segment. There are no changes to the Potash business segment.
The Company also announced the permanent closure and write-off of assets at the Green Bay plant and South Pierce phosphoric acid plant that were idled in 2006, in addition to other machinery and equipment in the Company's Florida phosphates operations. The estimated charge associated with these actions will approximate $50 million pre-tax, is non-cash and will be recorded during the Company's second fiscal quarter ended Nov. 30, 2009.
These actions are part of a broad effort to improve returns on invested capital in the company's phosphates business segment by eliminating idle operating capital and reducing operating costs.
"The change in financial reporting reflects our actions to further align our strong global distribution resources with our North American production assets," said Jim Prokopanko, chief executive officer and president of Mosaic. "Our strategic priorities in phosphates focus on growing the value of our business and maintaining our position as one of the lowest cost phosphate producers in the world," Prokopanko added.
More information on the company is available at http://www.mosaicco.com.