By David Winning
SYDNEY–Incitec Pivot Ltd. said it intends to separate its mining explosives business from its fertilizers unit by the middle of next year.
Incitec said it will become Dyno Nobel Ltd., while the Incitec Pivot Fertilisers business will be spun off as a standalone entity and will seek its own listing on the Australian Securities Exchange.
Management forecast one-off costs at between 80 million Australian dollars (US.
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5 million) and A$105 million, while ongoing annual costs are expected to be approximately A$25 million-A$35 million.
“With the increased focus on providing our explosives and fertilizer customers with technology driven solutions, the synergy of sharing an ammonia manufacturing core has become less meaningful,” said Chief Executive Jeanne Johns.
Incitec said the proposed separation of the two businesses to be expected to be implemented via a court-approved scheme of arrangement.
Write to David Winning at [email protected]
Credit: www.marketwatch.com /