Koch Ag & Energy Solutions successfully purchased OCI Global’s fertilizer plant in Weaver, Iowa, for $3.6 billion. After announcing the pending sale last year, the finished transaction gives Koch access to a state-of-the-art facility and its related businesses. The facility opened in 2017 and can produce up to 3.5 million metric tons of nitrogen fertilizers and diesel exhaust fluid annually.
“This is a huge blow to retailers and farmers who had hoped more competition in the space would help to keep values more in check,” says Josh Linville of StoneX.
However, Mark Luetters, president of Koch, says this is a significant investment in domestic fertilizer production. “In the past 15 years, we have invested $2 billion in our North American production facilities to enhance reliability, expand production, and improve logistics for our consumers,” he says. “This investment enhances our ability to serve customers by providing flexibility to adapt to their nitrogen preferences.”
NAFB news service
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Publish date : 2024-09-04 02:49:00
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