Manufacturing Industry
Incitec to merge with Pivot. (Nitrogen Industry News: Australia).(Brief Article)
Nitrogen & Methanol, November, 2002
Australian fertilizer producers Incitec and Pivot are intending to merge to form a new company; Incitec Pivot. The new firm's share capital will be 70% owned by current Incitec shareholders and 30% from Pivot, meaning that Australian explosives firm Orica would maintain a controlling share in the new company - Orica currently owns 76.55% of Incitec. Redundancies are expected in areas such as logistics. The new company will have estimated annual sales of around A$1bn (US$550m) and will produce around 50% of Australia's fertilizer needs. Shareholder and regulatory approvals are pending.
Incitec is also to divest its own Industrial Chemicals division, mostly involved with explosives production, to Orica for A$315m (US$175m). More than 60% of Incitec's...
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