Oslo (2002-11-06): A federal bankruptcy court in Kansas City, Mo., has signed an order giving final approval in allowing Farmland Industries, Inc.'s consent to the sale of substantially all of the assets owned by Farmland Hydro, L.P. to Cargill Fertilizer, Inc. Florida-based Farmland Hydro is a limited partnership owned equally between Hydro Agri North America, Inc. and Farmland Industries, Inc. On May 31, 2002, Farmland Industries filed a Chapter 11 bankruptcy petition with the U.S. Bankruptcy Court in Kansas City. The financial consequences for Hydro were included in Hydro's quarterly results published in October.
Cargill is expected to assume complete operations of Farmland Hydro's Green Bay fertilizer plant near Bartow, Fla. by the end of this week. Cargill anticipates that it will retain approximately 270 of the 290 employees at the facility. As part of the agreement, Cargill will also acquire approximately 15,000 acres of Farmland Hydro land currently being permitted for a phosphate mine operation. Cargill intends to integrate the fertilizer products mix being produced at the Green Bay plant, which will be marketed under the Cargill Crop Nutrition(TM) brand, with its existing fertilizer products manufactured at Cargill Fertilizer's Tampa and Bartow fertilizer production facilities. Terms of the sale are not being disclosed.
Hydro Agri is one of three core business areas in the Norwegian industrial group Norsk Hydro, the other two being Oil and Energy and Aluminium. Hydro Agri is the world's leading supplier of nitrogen fertilizers with sales offices in 60 countries on all continents. Sales are supported by agronomical advice and totalled 20 million tonnes in 2001. Hydro Agri has been marketing Hydro's nitrogen fertilizers in North America for more than fifty years.
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