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APC becomes the sole shareholder of Kemapco
Arab Potash Company (APC) recently announced that on February 1, 2007 it purchased an additional 50 percent of the shares of Kemira Arab Potash Company (Kemapco) thereby becoming sole shareholder of Kemapco. Kemapco is a producer of potassium nitrate and dicalcium phosphate that was founded in 1999 as a 50/50 joint venture between APC and Kemira.
The news of the deal recently announced do not come as a surprise: The Kemira Oy Group had clearly indicated already three years ago that it intended to dispose of all its fertilizer assets that were not transferred to Kemira Grow How when the latter went public. The 50% shares in Kemapco were the last of these assets still in the hands of Kemira. The price of the purchase by APC was not disclosed.
The company began production in 2003 but has never achieved to produce at capacity, although it substantially improved its performance in 2006. Annual plant capacity is 150,000 tonnes of potassium nitrate and 75,000 tonnes of dicalcium phosphate. Kemapco is a Free Zone Corporation located at Aqaba on the Red Sea in Jordan.
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