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Potash Corp, the world's largest potash fertilizer producer, announced this Wednesday (November 23) that the company plans to lay off 140 jobs in Canada.
The global price of potash is currently near historically low levels, and the company said that cutting expenses is a necessary means of maintaining operations.
FX168 Financial News (Hong Kong) News from Potash Corp, the world's largest potash fertilizer producer, announced this Wednesday (November 23) that the company plans to lay off 140 jobs in Canada.
The global price of potash is currently near historically low levels, and the company said that cutting expenses is a necessary means of maintaining operations.
Potash Corp said it will cut 100 long-term positions and 40 temporary positions in its potash mine operations in Saskatchewan.
The layoffs will begin in February and are expected to continue until the third quarter of 2017.
Potash Corp spokesperson Randy Burton said, "The layoffs are consistent with our current goal of focusing on the production of low-cost fertilizers.
The current market needs are also in line with this policy, and we will continue to operate in accordance with this plan.
" The highest reached the level of US$900/ton in 2008, but now it is only about US$200/ton.
This is not very beneficial to fertilizer producers and potash mine business owners.
Based on current market conditions, Potash Corp hopes to close several of the company's higher-cost potash mines.
Mark Fracchia, President of Potash Corp's Potash Division, said, "I know this is a very difficult time for our employees and their families.
We promise to help those affected employees tide over the difficulties.
The company made the decision to lay off employees.
Ensure low-cost operations.
" Potash Corp is still operating the merger with Agrium Inc.
The merger of the two major fertilizer industry giants will create a new international fertilizer multinational company.
The transaction is expected to be completed in 2017.
Currently, FX168 is working with Canadian green energy company International Wastewater Systems Inc.
(IWS) and securities brokerage company Zimtu to jointly promote IWS products.
The global price of potash is currently near historically low levels, and the company said that cutting expenses is a necessary means of maintaining operations.
FX168 Financial News (Hong Kong) News from Potash Corp, the world's largest potash fertilizer producer, announced this Wednesday (November 23) that the company plans to lay off 140 jobs in Canada.
The global price of potash is currently near historically low levels, and the company said that cutting expenses is a necessary means of maintaining operations.
Potash Corp said it will cut 100 long-term positions and 40 temporary positions in its potash mine operations in Saskatchewan.
The layoffs will begin in February and are expected to continue until the third quarter of 2017.
Potash Corp spokesperson Randy Burton said, "The layoffs are consistent with our current goal of focusing on the production of low-cost fertilizers.
The current market needs are also in line with this policy, and we will continue to operate in accordance with this plan.
" The highest reached the level of US$900/ton in 2008, but now it is only about US$200/ton.
This is not very beneficial to fertilizer producers and potash mine business owners.
Based on current market conditions, Potash Corp hopes to close several of the company's higher-cost potash mines.
Mark Fracchia, President of Potash Corp's Potash Division, said, "I know this is a very difficult time for our employees and their families.
We promise to help those affected employees tide over the difficulties.
The company made the decision to lay off employees.
Ensure low-cost operations.
" Potash Corp is still operating the merger with Agrium Inc.
The merger of the two major fertilizer industry giants will create a new international fertilizer multinational company.
The transaction is expected to be completed in 2017.
Currently, FX168 is working with Canadian green energy company International Wastewater Systems Inc.
(IWS) and securities brokerage company Zimtu to jointly promote IWS products.
