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CARGILL PLANS TO BUY SEMINOLE FERTILIZER

 MINNEAPOLIS, March 1 /PRNewswire/ -- Cargill Fertilizer, Inc., announced today that it has signed an agreement to buy for approximately $150 million the phosphate-fertilizer production, mining and working- capital assets of Seminole Fertilizer Corporation, Bartow, Fla., a subsidiary of Tosco Corporation (NYSE: TOS), Stamford, Conn.
 "This agreement reflects Cargill's long-term commitment to the phosphate-fertilizer industry. Cargill is confident that farmers worldwide will require more fertilizer to meet the food needs of the world's constantly growing population. Seminole's capabilities and product quality complement those of our existing operations in Fort Meade and Tampa and will better position us to respond competitively to future demand," said Fritz Corrigan, president of Cargill's worldwide fertilizer activities.
 Corrigan said finalization of the transaction will follow close examination of the Bartow phosphate-fertilizer production plant, phosphate-rock reserves at the Seminole mine near Hookers Prairie, Fla., two ammonia-storage tanks at Port Sutton, Fla., plus environmental, safety and other audits. The transaction also must be approved by the boards of directors for both companies and is subject to normal third- party reviews, he said.
 The Seminole operations currently can produce 750,000 tons of phosphoric acid a year, and Cargill annually can produce 830,000 tons of phosphoric acid, Corrigan said. Phosphoric acid is the basic material from which a variety of phosphate fertilizers are produced.
 Henk Mathot, president of Cargill Fertilizer, Inc., said, "I am very pleased with this agreement. Both Cargill and Seminole have state-of- the-art facilities. Integration of the Seminole plant and mine with Cargill's current operations will make us a much stronger company in the future."
 Cargill Fertilizer, Inc. is a subsidiary of Cargill. Cargill is an international marketer and processor of agricultural and other bulk commodities with offices and facilities in more than 800 worldwide locations employing more than 66,000 people.
 Seminole Fertilizer Corporation is a manufacturer and wholesaler of phosphate fertilizers based in Bartow.
 Tosco Corporation is the largest, independent refiner of petroleum products on the West Coast of the United States.
 -0- 3/1/93
 /CONTACT: Greg C. Lauser, 612-475-6196, or Gray Gordon, 813-671-6445, both of Cargill/
 (TOS)


CO: Cargill, Inc.; Cargill Fertilizer, Inc.; Seminole Fertilizer
 Corporation; Tosco Corporation ST: Minnesota, Florida IN: SU: TNM


AL -- MN016 -- 1591 03/01/93 16:36 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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