POTASH CORP. OF SASKATCHEWAN INC. TO BE EXCLUSIVE EXPORT SALES REPRESENTATIVE FOR NEW MEXICO POTASH CORP. AND EDDY POTASH INC.
POTASH CORP. OF SASKATCHEWAN INC. TO BE EXCLUSIVE EXPORT SALES REPRESENTATIVE FOR NEW MEXICO POTASH CORP. AND EDDY POTASH INC. SASKATOON, Saskatchewan, May 5 /PRNewswire/ - Potash Corp. of Saskatchewan Inc. (PCS) (NYSE: POT; Toronto, Montreal: POT) today announced that its wholly owned subsidiary, PCS Sales has signed an agreement to be the exclusive export sales representative for potash produced from mines located in Carlsbad, N.M. and owned by New Mexico Potash Corp. and Eddy Potash Inc. New Mexico Potash Corp. and Eddy Potash Inc. are both controlled by TransResources Inc. Together, they produce an average of 800,000 tons per year, with historical offshore sales levels of approximately 300,000 tons per year. These offshore sales have, in the past, been made primarily to Latin American and Asian markets. The initial term of the agreement, which is effective May 7, 1992 runs until Dec. 31, 1993. It will continue on a year-to-year basis thereafter. Of the total muriate of potash production in United States 90 percent is centered in the state of New Mexico where there are five KCl mines. PCS Sales now represents three of these mines in offshore markets. Acting as the exclusive offshore sales representative for New Mexico and Eddy, PCS Sales will cover the international market with the marketing team operating from the PCS Sales office in Chicago. C.E. Childers, chairman, president and chief executive officer stated, "Since we are a global company we are vitally concerned about export markets. Our president of PCS Sales, Bill Doyle, has more than 18 years experience in the international fertilizer business. His expertise will provide the basis of a mutually beneficial relationship." Potash Corp. of Saskatchewan Inc., along with its subsidiary, PCS Sales, is a leading publicly owned company engaged in the mining, production and sale of potash to agricultural and industrial markets around the world. Potash is one of the three primary fertilizer nutrients. PCS is a lean, competitive organization with a clean balance sheet and strong cash flow, paying an annualized dividend of 72 cents per share. -0- 5/5/92 /CONTACT: Betty-Ann Heggie, VP-Corporate Relations of Potash Corp. of Saskatchewan, 306-933-8521/ (POT) CO: Potash Corp. of Saskatchewan ST: Saskatchewan IN: MNG SU:
EH -- LA069 -- 6853 05/05/92 20:26 EDT
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|Date:||May 5, 1992|
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