FERTILISER GIANT Terra Industries is to acquire US-based Mississippi Chemical Corporation making it the leading producer of nitrogen-fertiliser in the US market as well as the UK.
 
The deal is worth about $268m (£147m) and is expected to be completed early next year.

It is Terra‘s first foray into the market place since it bought the Billingham and Severnside factories in 1998.
 
Terra president Michael Bennett believed the move would help strengthen Terra‘s assets and provided a firmer long-term base.

“I also expect it to yield significant annual cost savings through lower production costs and provide Terra with access to new markets,” he said.