EuroChem withdraws from Ukraine fertilizer market – media
EuroChem Group AG ("EuroChem" or the "Group"), a leading global fertilizer company, announces the sale of its Ukraine subsidiary. The price and terms of the deal have not been disclosed.
Recent actions in Ukraine to restrict foreign suppliers of fertilizers, and expectations of a further deterioration of the business climate, prompted the Group's decision, EuroChem reported.
The sale, made to a company connected to the subsidiary's former management, marks the withdrawal of EuroChem from Ukraine, after more than 15 years of operations. EuroChem has invested considerable resources in the country over that time, delivering its innovative portfolio of best-in-class fertilizer products and services to meet growing demand from more than 1,000 local customers, who range from major agricultural wholesalers to retailers and private farms.
The Group expresses its gratitude to its clients in Ukraine for many years of good business, and also to its loyal employees for helping to build a leading fertilizer producer and distributor in Ukraine.
EuroChem intends to continue consultations with the Ukrainian authorities on future opportunities through its European operations, while focusing on other growth markets for the Group.
EuroChem is a leading global producer of nitrogen, phosphate and potash fertilizers, as well as certain industrial and mining products. The Group is vertically integrated with activities spanning mining to fertilizer production, logistics, and distribution. EuroChem began potash production at its Usolskiy mine in early 2018, and continues to develop a second greenfield site at VolgaKaliy in Russia. Headquartered in Zug, Switzerland, the Group operates production facilities in Europe, Asia and the CIS, employing more than 26,000 people.