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Sep. 17, 2007 Source: Business Wire CF Industries Holdings, Inc. (NYSE:CF) and KEYTRADE AG today announced that CF Industries has agreed to acquire a 50 percent ownership position in KEYTRADE AG, a 3 million tonne per year global fertilizer trading organization headquartered near Zurich, Switzerland. Purchase price for the acquisition, which is expected to close in the fourth quarter of 2007, will be CHF 30 million, or approximately U.S. $25 million. "We are excited to be combining the capabilities of CF Industries and KEYTRADE. CF Industries has had a long, constructive relationship with Melih Keyman, the chairman and chief executive officer of KEYTRADE, and with his partners and team," commented Stephen R. Wilson, chairman and chief executive officer of CF Industries Holdings, Inc. "We look forward to working together to expand our businesses for the benefit of all our shareholders. This strategic partnership provides CF Industries with a global platform from which to pursue our objectives of growth and diversification," Wilson added. "From KEYTRADE's perspective, this partnership will help ensure growth potential beyond our trading activities. With our new strategic partner, we believe that KEYTRADE will be able to serve the needs of our trading partners much better with wider product support," commented Melih Keyman, chairman and chief executive officer of KEYTRADE. "We, too, are excited at the prospect of combining our global trading system with CF Industries' strong production base and international aspirations," Keyman added. Keyman, a founder of KEYTRADE, will continue as CEO of the company and will run the organization on a day-to-day basis together with his founding partners Andreas Vaterlaus, Sergei Rudakov, and Yang Baoheng. KEYTRADE, founded in 1997, buys fertilizer, primarily nitrogen products but also phosphate and potash, in 35 countries and markets it in 65 countries. The company has extensive commercial relationships in both fertilizer supply and market regions. Initially, CF Industries will work exclusively with KEYTRADE to export phosphate fertilizer and import UAN solution. The companies are exploring additional opportunities to work together, including sourcing other products to serve the North American market and establishing production, distribution, and/or marketing presence in attractive markets overseas. Tweet |
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