Greencore to build new €24m factory

Greencore to build new €24m factory

Greencore Group is to invest €24m building a new sandwich manufacturing facility at Rhode Island, USA. The location is strategic to enable the company service its existing customers in New England, while also developing future business closer to New York. Greencore will close two existing facilities in Massachusetts and transfer the manufacturing to the new site.

The move will bring greater cost savings and efficiencies estimated at €6m.

Greencore will recognise a non-cash impairment of assets in FY14 of €9.5m in relation to the exit from the Massachusetts sites, as well as cash exit and start-up costs estimated at €3.5m.

CF sells phosphate business for $1.4bn

CF Industries has completed the sale of its phosphate business to fellow US fertilizer producer Mosaic for $1.4 billion, allowing CF focus on core nitrogen products.

CF, the world’s second-largest nitrogen producer after Norway’s Yara, benefits from relatively low-cost North American natural gas, a key input in nitrogen fertilizer production.

Headquartered in Illinois, CF operates nitrogen manufacturing sites in central United States and Canada. CF has a 50% interest in GrowHow UK Limited, with Yara owning the other half.

Mosaic is the world’s largest combined producer of phosphates and potash and delivers almost 19m tonnes of fertilizer per year. In 2013, it had a turnover of $10bn with profits of $1.9bn.

Up to now, Mosaic’s phosphate exports were handled by PhosChem. However, this arrangement was disbanded late last year.