The Mosaic Company (NYSE: MOS) today announced that it intends to move
its corporate headquarters, including senior executives and related
functions, to Hillsborough County, Florida. Details of the move,
including timing, the exact location of the corporate office and the
number of employees to be relocated, remain under consideration.
The move is expected to yield several benefits:
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Closer proximity and better access to Mosaic Fertilizantes. The
company’s recent acquisition of Vale Fertilizantes doubled the size of
its workforce, significantly increased its presence in Brazil, and
reinforced the importance of keeping Americas-based business units
more closely connected to corporate teams;
-
A continued focus on the potash business with little impact on
accessibility for leaders and team members;
-
Opportunities to amplify Mosaic’s presence in Central Florida and
engage more closely with communities where the company operates, and
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Significant long-term cost savings.
“Mosaic is among the largest employers and most significant corporate
economic drivers in Central Florida,” said President and CEO Joc
O’Rourke. “We believe locating our corporate office there will give us
opportunities to amplify Mosaic’s presence and engage more closely with
communities where we operate. With the cost savings we expect to achieve
and the closer proximity to our Mosaic Fertilizantes business in Brazil,
this move will drive improved efficiency and good value.”
The move will allow Mosaic to reconsider its U.S. office footprint,
including its spaces in Plymouth, Minnesota, as well as its FishHawk and
Highland Oaks locations in Florida. As a result of the company’s
transformation over the past several years, excess capacity exists at
those locations.
“We will execute this move with as little disruption as possible and
with sensitivity to our employees’ personal situations,” Mr. O’Rourke
said. “Mosaic is fortunate to have a deeply talented workforce, and we
fully intend to maintain that competitive advantage.”
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers
of concentrated phosphate and potash crop nutrients. Mosaic is a
single-source provider of phosphate and potash fertilizers and feed
ingredients for the global agriculture industry. More information on the
company is available at www.mosaicco.com.
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about the anticipated
benefits and synergies of our acquisition of the global phosphate and
potash operations of Vale S.A. previously conducted through Vale
Fertilizantes S.A. (which, when combined with our legacy distribution
business in Brazil, is now known as Mosaic Fertilizantes) (the
“Transaction”), other proposed or pending future transactions or
strategic plans and other statements about future financial and
operating results. Such statements are based upon the current beliefs
and expectations of The Mosaic Company’s management and are subject to
significant risks and uncertainties. These risks and uncertainties
include, but are not limited to: difficulties with realization of the
benefits and synergies of the Transaction, including the risks that the
acquired business may not be integrated successfully or that the
anticipated synergies or cost or capital expenditure savings from the
Transaction may not be fully realized or may take longer to realize than
expected, including because of political and economic instability in
Brazil or changes in government policy in Brazil; the predictability and
volatility of, and customer expectations about, agriculture, fertilizer,
raw material, energy and transportation markets that are subject to
competitive and other pressures and economic and credit market
conditions; the level of inventories in the distribution channels for
crop nutrients; the effect of future product innovations or development
of new technologies on demand for our products; changes in foreign
currency and exchange rates; international trade risks and other risks
associated with Mosaic’s international operations and those of joint
ventures in which Mosaic participates, including the performance of the
Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the ability of
MWSPC to obtain additional planned funding in acceptable amounts and
upon acceptable terms, the timely development and commencement of
operations of production facilities in the Kingdom of Saudi Arabia, and
the future success of current plans for MWSPC and any future changes in
those plans; the risk that protests against natural resource companies
in Peru extend to or impact the Miski Mayo mine, which is operated by an
entity in which we are the majority owner; difficulties with realization
of the benefits of our long term natural gas based pricing ammonia
supply agreement with CF Industries, Inc., including the risk that the
cost savings initially anticipated from the agreement may not be fully
realized over its term or that the price of natural gas or ammonia
during the term are at levels at which the pricing is disadvantageous to
Mosaic; customer defaults; the effects of Mosaic’s decisions to exit
business operations or locations; changes in government policy; changes
in environmental and other governmental regulation, including expansion
of the types and extent of water resources regulated under federal law,
carbon taxes or other greenhouse gas regulation, implementation of
numeric water quality standards for the discharge of nutrients into
Florida waterways or efforts to reduce the flow of excess nutrients into
the Mississippi River basin, the Gulf of Mexico or elsewhere; further
developments in judicial or administrative proceedings, or complaints
that Mosaic’s operations are adversely impacting nearby farms, business
operations or properties; difficulties or delays in receiving, increased
costs of or challenges to necessary governmental permits or approvals or
increased financial assurance requirements; resolution of global tax
audit activity; the effectiveness of Mosaic’s processes for managing its
strategic priorities; adverse weather conditions affecting operations in
Central Florida, the Mississippi River basin, the Gulf Coast of the
United States, Canada or Brazil, and including potential hurricanes,
excess heat, cold, snow, rainfall or drought; actual costs of various
items differing from management’s current estimates, including, among
others, asset retirement, environmental remediation, reclamation or
other environmental regulation, Canadian resources taxes and royalties,
or the costs of the MWSPC, its existing or future funding and Mosaic’s
commitments in support of such funding; reduction of Mosaic’s available
cash and liquidity, and increased leverage, due to its use of cash
and/or available debt capacity to fund financial assurance requirements
and strategic investments; brine inflows at Mosaic’s Esterhazy,
Saskatchewan, potash mine or other potash shaft mines; other accidents
and disruptions involving Mosaic’s operations, including potential mine
fires, floods, explosions, seismic events, sinkholes or releases of
hazardous or volatile chemicals; and risks associated with cyber
security, including reputational loss; as well as other risks and
uncertainties reported from time to time in The Mosaic Company’s reports
filed with the Securities and Exchange Commission. Actual results may
differ from those set forth in the forward-looking statements.
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