A company statement reads: Despite confidence in the long-term drivers of our business, a significant portion of fertiliser demand comes from developing markets where growth has been less robust than expected. This sluggish environment has been most visible in our potash and phosphate businesses, and has contributed to challenging market conditions. As a consequence, we must make some difficult decisions today to ensure the company continues to be well positioned for the future.
Expected workforce reductions will take place in the following regions:
The majority of changes are anticipated to be completed in 2013, although certain positions at impacted operations are expected to remain in place through a transitional period.
The company says that, where feasible, affected employees will be offered voluntary severance packages prior to any involuntary reductions. Assistance will be provided to all our employees in their transition to new opportunities. Severance and assistance programmes are expected to exceed those that are typically provided in similar situations.
“We work in a remarkable and critically important industry – one with a proud history and a bright future,” said PotashCorp president and CEO Bill Doyle. “While these are difficult decisions, we know that they help ensure our company remains positioned for the future and able to grow long-term value for those who depend on our sustainability and success.”
Source: PotashCorp
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