Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that it has completed the merger of its wholly-owned subsidiaries Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding into PhosAgro-Cherepovets.
The termination of operations of Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding was recorded in the Unified State Register of Legal Entities today, 1 June 2015. All rights and obligations of these entities have been transferred to PhosAgro-Cherepovets.
The Board of Directors of PhosAgro-Cherepovets named PhosAgro COO Mikhail Rybnikov (previously also CEO of PhosAgro AG) General Director of the plant.
PhosAgro CEO Andrey Guryev said: “I believe that this merger will help to further improve efficiency by removing duplicate functions, while also strengthening the advantages of our vertically-integrated phosphate-based fertilizer business model.”