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Article: Terra Industries to Sell Distribution Business.
- Article from:
- PR Newswire
- Article date:
- May 3, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SIOUX CITY, Iowa, May 3 /PRNewswire/ -- Terra Industries Inc. (NYSE: TRA) today announced that it has signed a contract to sell its Distribution business to Cenex/ Land O' Lakes Agronomy Company for $361 million, adjusted for changes to working capital levels and other costs. The transaction, which is subject to customary conditions to closing including regulatory review under the Hart-Scott-Rodino Act and approval by Terra's lenders, is expected to close within three months. Terra anticipates a loss of less than $10 million on the transaction and will use sale proceeds primarily to reduce its debt obligations.
In the pending transaction, Cenex/Land O' Lakes ...