29 July 1997
IMC to buy Freeport fertiliser business
IMC Global has agreed to buy the fertiliser business of Freeport-McMoRan. The deal is worth between $700m and $800m.
New Orleans-based Freeports only asset is a 51.6% stake in a company which produces phosphate fertilisers through IMC-Agrico Company, a joint venture with IMC.
The merger is expected to produce annual cost savings of at least $33m, rising to about $40m in the next few years.