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EUROCHEM ANNOUNCES REORGANIZATION INCLUDING MOVING HEADQUARTERS FROM MOSCOW TO SWITZERLAND
Oct. 6, 2014
Source: EuroChem news release
EuroChem Mineral and Chemical Company JSC, that bills itself as "one of the world's leading global agrochemical companies," which primarily produces nitrogen and phosphate fertilizers, has announced details on a contemplated corporate reorganization, including plans to re-locate its headquarters to Zug, Switzerland. The announcement came from the company offices in Moscow, Russia.
"The change in corporate structure is driven by the growing internationalization of the EuroChem group's activities, potential mergers and acquisitions activity and other capital markets considerations," according to the announcement.
EuroChem Group AG, a new holding company for the group, was established earlier this year. The new holding company is a wholly-owned subsidiary of EuroChem Group SE (Cyprus) and based in Zug, Switzerland, too.
The reorganization has been agreed upon by the group's lenders as well as pre-agreed by Eurobond holders. EuroChem Group AG will guarantee the Eurobonds issued by EuroChem Global Investments Limited.
"While necessary amendments to the group's corporate governance structure will be implemented to reflect its new legal structure, the group remains committed to following best international corporate governance practices," according to the news release announcing the changes.
In addition to the nitrogen and phosphate fertilizer production, EuroChem markets some organic synthesis products and iron ore. The group is vertically integrated with activities spanning from mining and natural gas extraction to fertilizer production, logistics, and distribution.
EuroChem is currently developing two sizeable potash deposits in Russia with its VolgaKaliy and Usolskiy potash projects. The group operates production facilities in Russia and Western Europe and employs more than 20,000 employees globally. The website to visit for more information is www.eurochem.ru.
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