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Plymouth-based Mosaic acquires rival in $1.4 billion deal

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The Associated Press reports that Mosaic Co., the world's largest producer of phosphate, announced plans to buy the Florida phosphate business of CF Industries. The deal is valued at $1.4 billion.

In the deal, the Plymouth-based fertilizer giant will acquire its rival's phosphate mine, treatment and processing plant, an ammonia terminal and warehouses in Tampa.

FoxBusiness reports the deal unites CF Industries' phosphate operations with Mosaic's. The four Florida phosphate facilities produce about 1.8 million tons of phosphate fertilizer a year.

The Business Journal notes that the CF Industries property is near a planned Mosaic phosphate mine in central Florida and the purchase will save the company hundreds of millions of dollars, since it will not have to build its own infrastructure.

The two companies also unveiled a strategic supply agreement that calls for CF Industries to annually provide Mosaic with up to 1 million tons of ammonia.

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