- Potash Corp. (POT) intends to lower its workforce by 18% in the U.S., Canada and Trinidad, due to sluggish fertilizer demand in developing markets.
- In total, Potash will cut 1,045 jobs and expects to take severance charges of $70M.
- The company will suspend output at one of its Lanigan mills and cut production at its Cory facility by the year-end, and halt output at its Penobsquis facility by Q1.
- Potash forecasts 2014 capacity of over 10M tons.
- Expects potash cost savings of $15-20 a ton in 2014 and targets $20-30 by 2016. For phosphate, the firm projects annualized improvements in gross margins of $10-15.
- Shares +0.4% premarket. (PR)
Potash to cut 18% of staff in U.S., Canada and Trinidad
Dec 3 2013, 06:59 ET