Mosaic to Close Idled Florida Phosphates Facility
June 18 2019 - 7:48AM
Dow Jones News
By Michael Dabaie
Mosaic Co. (MOS) said it will close its idled Plant City
phosphates manufacturing facility in Florida.
The maker of phosphate and potash crop nutrients said that
during the second quarter it expects to recognize a notable
non-cash charge of up to $390 million for the permanent closure of
the facility. Annual cash payments to manage the closure over the
next five years are expected to be similar to payments incurred
while the plant was idle in 2018, Mosaic said.
Mosaic said it would seek to mitigate a portion of closure costs
by evaluating innovative approaches to water management and
repurposing part of the facility for productive use.
The small team of Mosaic employees currently responsible for
care and maintenance activities will remain on site to manage
closure and compliance responsibilities over the next several
years, the company said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 18, 2019 07:33 ET (11:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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