Moscow – PhosAgro ("the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that on 1 May 2014 it completed the reorganisation of two if its subsidiaries by merging CJSC Balakovo Mineral Fertilizers (“BMU”) into OJSC Apatit.
The merger of BMU into Apatit will help to optimise management processes and eliminate certain duplicate administrative functions, as well as to lower costs through centralised purchasing and economies of scale with regards to orders of goods and services.
After evaluating the functioning of the unified company, PhosAgro plans to consider merging its remaining production assets into a single legal entity.