Sunday, July 21, 2024
HomeAg NewsKoch Agrees to Buy Iowa Nitrogen Plant from OCI for $3.6 Billion

Koch Agrees to Buy Iowa Nitrogen Plant from OCI for $3.6 Billion

WICHITA, Kan.Dec. 18, 2023 /PRNewswire/ — Koch Ag & Energy Solutions (KAES), a global provider of solutions for the agriculture, energy and chemical markets, today announced an agreement to acquire OCI Global’s fertilizer plant in Wever, Iowa, for $3.6 billion.

The transaction, once finalized, will give KAES 100% ownership of the state-of-the-art facility, which was opened in 2017 and has the capacity to produce 3.5 million metric tons of nitrogen fertilizers and diesel exhaust fluid annually.

“Today’s announcement is an important step forward for KAES as we continue to invest in our fertilizer business,” said Mark Luetters, president of Koch Ag & Energy Solutions. “This investment complements our existing business and we look forward to advancing this transaction with OCI to completion.”

Once all closing and regulatory conditions of the acquisition agreement are met, the Wever facility will be added to the existing Koch Fertilizer portfolio, which produces, markets and distributes nitrogen fertilizers, diesel exhaust fluid and phosphate fertilizer products.

“We’re excited about the opportunity the Wever plant will provide us to better serve existing and new customers with expanded products and services,” said Scott McGinn, executive vice president of Koch Fertilizer. “We look forward to welcoming the Wever team to the Koch Fertilizer family when they join the nearly 500 Iowans employed by Koch companies across the state.”

Barclays is serving as exclusive financial advisor to KAES on the transaction. Jones Day is acting as its legal advisor.

Read more on this story from Russ Quinn and our partners at DTN/Progressive Farmer here:

- Advertisment -

Latest Stories