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Mosaic Co. to permanently close two idled Florida plants

Mosaic Co., a major producer of potash and fertilizer in southeastern Hillsborough and Polk counties, said Monday it will permanently close two plants idled in 2006 and write off additional machinery and equipment for a total write-down of about $50 million.

The company, based in Plymouth, Minn., said the actions are part of an efficiency effort to improve returns in its phosphates business and to reduce operating costs. The facilities to close are the Green Bay plant and South Pierce phosphoric acid plant near Bartow.

The company said it is joining its offshore unit with its phosphates mines in Central Florida, while its potash operations will remain a separate division.

Mosaic shares, which have traded under $24 in the past year, were trading near $55 Monday morning.

Mosaic Co. to permanently close two idled Florida plants 11/30/09 [Last modified: Tuesday, December 1, 2009 1:45pm]
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