IPL announces completion of regulatory review process for the sale of the Waggaman facility
• US anti-trust regulatory review period has concluded
• Transaction completion targeted for 1 December 2023
• IPL confirms ~A$1 billion of cash proceeds from the transaction to be returned to shareholders (subject to IPL shareholder approvals at the 2023 Annual General Meeting)
Incitec Pivot Limited (ASX:IPL) today announced that the US anti-trust regulatory review process in relation to the sale of IPL’s ammonia manufacturing facility located in Waggaman, Louisiana, USA (Waggaman) to CF Industries Holdings, Inc. (CF) has now
IPL and CF expect to complete the transaction on 1 December 2023 (US time), subject to the satisfaction of other customary closing conditions.
IPL’s Interim CEO, Paul Victor said: “The Waggaman sale delivers three key strategic objectives for our Company – achieving security of ammonia supply for Dyno Nobel’s US operations, delivering significant returns to our shareholders, and rebalancing our portfolio towards more reliable, recurring earnings. Our historic investment in Waggaman has been a successful initiative and its sale marks a major milestone in IPL’s business transition.
“Further, through securing the long-term ammonia supply agreement with CF, our US explosives business is well positioned to continue to deliver the high-value technical and service needs of our customers.”
To read the full ASX Release, please see here.
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