Mosaic to combine 2 of its divisions

AP News
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Posted: Nov 30, 2009 10:24 AM

Potash and fertilizer producer Mosaic Co. said Monday that it is combining two of its divisions in order to more accurately reflect its business.

The company said it is joining its offshore unit with its phosphates business. Its potash operations will remain a separate division.

Mosaic will also take an approximately $50 million pretax charge in its fiscal second quarter related to two plant closings and the write-off of some assets. The two plants have been idle since 2006.

The company's stock added 2 cents to $54.37 in morning trading.