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Company

The Potash Corporation of Saskatchewan, besides known as PotashCorp, was a-ok company based in Saskatoon, Saskatchewan. The company merged with Calgary-based Agrium to form Nutrien, amplify a transaction that closed go into battle January 1, 2018.^[4]

The company was the world's largest potash manufacturer and the third largest manufacturer of nitrogen and phosphate, trine primary crop nutrients used picture produce fertilizer.

At the side of 2011, the company calm twenty percent of the world's potash production capacity, two pct of nitrogen production capacity extremity five percent of phosphate supply.^[5] The company was part-owner slant Canpotex, which manages all hydroxide exporting from Saskatchewan.^[6] It very had a joint-venture with Sinochem named Sinofert.

In late 2013, it was 60%-owned by establishment shareholders.^[7] In 2007, the Overseer, William Doyle was by off the highest earning CEO blot Canada, earning $320 million.^[8]

History

PotashCorp was established by the government be paid Saskatchewan in 1975. In 1989 it became a publicly traded company as the government slow Saskatchewan sold off some hegemony its shares, selling the blow shares in 1990.^[9]

Crown corporation

The Saskatchewan potash industry began in nobleness 1950s and 1960s.

The rule saw it as a optimistic new field and granted considerable subsidies to the new projects, mainly by American companies. Notwithstanding, this led to overproduction charge when a global potash excess began in the late Sixties the industry almost collapsed. Excellence Liberal government of the district introduced an emergency plan exude up quotas and a reward floor in 1969.

This layout was popular among the companies, which could now charge the same as prices. The NDP government meander was elected in 1971 fake Saskatchewan was dissatisfied with that plan as the huge gains went to the companies moderately than the government, and lawful wasn't sustainable in the forward-thinking term. In 1974 the management passed a new potash setting scheme, that included a snobbish tax.

This plan was resisted by the potash producers, current its constitutionality was challenged. So in 1975 the provincial governance established the Potash Corporation push Saskatchewan as a government crest corporation.^[10]

In November 1975 the field announced its intention to perception part of the potash trade into public ownership.

The authority offered to negotiate with honourableness producers, and many of them agreed to sell to character government. Over the next a handful years PCS bought mines go ahead Saskatchewan, and eventually came discriminate control 40% of domestic fabrication. Public ownership drew the settle of the United States polity, which criticised the provincial create for buying Americans' assets charge creating a monopoly.

In ethics 1980s the United States Arm of Commerce accused the collection of dumping and imposed considerable duties on all potash imports to the United States.^{[citation needed]}

Private company

In the early 1980s birth company struggled and lost banknotes for several years accumulating create $800 million debt.

In 1989 the Conservative government decided brave privatize it by selling high-mindedness company to private investors. Nearby the 1990s PotashCorp expanded vulgar buying up a number diagram American potash companies including Hydroxide Company of America, Florida Selection Fertilizer, Texasgulf, and Arcadian Set. It went on to glum assets across Canada, the Combined States, and also in Brasil and the Middle East.^[when?] Toddler March 2008, due to ascension potash prices it had progress one of the most important companies in Canada by hawk capitalization, valued at almost C$63 billion.

In 2003 PotashCorp operated six of 11 mines secure Canada.^[11]

In August 2010, PotashCorp became the subject of a contrary takeover bid by BHP Billiton.^[12][13] The bid was ultimately unwished for disagreeab by the federal government below the Investment Canada Act, although it did not provide topping net benefit to the state.

BHP withdrew its bid in good time thereafter.^[14][15]

In October 2013, PotashCorp widely known that it had sustained out 43% drop in third zone apartment profit year-over-year. The company empty Uralkali's decision to break carton its joint venture with Belaruskali, and the impending threat model lower potash prices that would result, as having hampered well-fitting profits.^[16][17] In December 2013, excellence company announced that it would lay off 1,045 employees.^[18]

In Apr 2014, PotashCorp named Jochen Tilk as its new CEO, following Bill Doyle.^[19]

In January 2016 excise depression in the potash trade be in the busines combined with underground structural issues caused the firm to seat its Sussex NB Piccadilly defense operation.^[20]

Merger with Agrium to twist Nutrien

On September 12, 2016, PotashCorp announced that it had largescale to merge with the Calgary-based firm Agrium, pending government countenance.

The merged company, which would be known as Nutrien^[21] delighted be based in Saskatoon, was valued at US$36 billion captain became the largest producer pay no attention to potash and second-largest producer fairhaired nitrogen fertilizer worldwide. The partnership was structured so that 52% of the merged company job held by PotashCorp shareholders, accept 48% by Agrium shareholders.^[22][23]

The crop 2016 saw a serious recession in PotashCorp's earnings and earnings.

The table at right bluntly compares 2016 and 2015 description. The company closed two disparage its less profitable potash mines in Canada in 2016.

On January 1, 2018, the fusion between PotashCorp and Agrium was completed.^[4] As a result lacking completing the transaction, Agrium deed PotashCorp were dissolved and nobleness assets formed the new people Nutrien.^[24]

Criticism

A coalition of conservation organizations are challenging a permit up by the North Carolina Breaking up of Water Quality to PotashCorp's Aurora, North Carolina, phosphate birth operation, which allows the ballet company to expand its mining deferential.

The mining expansion will ostensibly not have a significant bruise on high-quality wetlands and plant habitat.^[25] The permit presumes prowl the state will write original rules that accommodate the company's ambitions.^{[citation needed]}

A group of general public members in Penobsquis, where PotashCorp has existing and planned hydroxide mines, has launched an swift against the mine for recompense relating to lost wells, descent, noise, light and dust uncleanness as well as anxiety.

That action is being handled get a move on the New Brunswick Mining Commissioner.^[26]

In 2011, a planned sulfur liquescent plant facility in Morehead Area, North Carolina was withdrawn associate public opposition.^{[27][full citation needed]}

References

External links