INSPIRATION RESOURCES CHANGES NAME TO TERRA INDUSTRIES INC.
INSPIRATION RESOURCES CHANGES NAME TO TERRA INDUSTRIES INC. SIOUX CITY, Iowa, May 5 /PRNewswire/ -- At today's annual meeting, shareholders of Inspiration Resources Corporation (NYSE: IRC) voted to change the company's name to Terra Industries Inc. (Terra). The company's new NYSE trading symbols will be "TRA" for common shares and "TRA12" for its convertible debentures. President and CEO Burton M. Joyce commented, "The name change to Terra Industries is a direct result of a major restructuring that has improved liquidity, reduced our costs and focused our attention firmly on American agriculture. We have transformed ourselves from a metals and mining company to one of the nations's leading producers and marketers of fertilizers, crop chemicals and seed. Terra, the Latin word for 'land,' has been known and respected for over 25 years in the agricultural community as the company expanded its marketing and manufacturing operations. Our new corporate mission is to be the supplier of choice for crop production products and services to growers and dealers nationwide." Also at today's meeting, the company's eight directors were re- elected for the coming year: Reuben F. Richards (chairman), Burton M. Joyce (president and CEO), Edward M. Carson, William T. Dible, Basil T.A. Hone, Gerard E. Munera, J. Roger B. Phillimore, and Henry R. Slack. In addition, stockholders approved a change in the company's independent accounting firm to Deloitte & Touche and a new stock incentive plan. Terra Industries Inc., which had 1991 revenues of $1 billion, is a leading marketer and producer of fertilizer, crop protection products, seed and services for agriculture. It also produces construction materials and leases equipment. -0- 5/5/92 /CONTACT: Ellen Duerksen of Inspiration Resources, 712-277-5438/ (IRC TRA) CO: Inspiration Resources Corporation; Terra Industries Inc. ST: Iowa IN: SU:
AH -- NY005 -- 6473 05/05/92 11:00 EDT
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|Date:||May 5, 1992|
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