News And Updates
Published By: Market Watch
DEERFIELD, Ill., Aug 06, 2010 (BUSINESS WIRE) -- CF Industries Holdings, Inc. (CF 83.55, -0.76, -0.90%) today announced that it has agreed on the terms of a consent decree with the U.S. Environmental Protection Agency (EPA) and the Florida Department of Environmental Protection involving compliance with the Resource Conservation and Recovery Act (RCRA). The agreement resolves a Notice of Violation (NOV) issued in 2005 that alleged that certain practices at the company's Plant City, Florida phosphate complex violated RCRA. The consent decree will not be final until it has been approved by a federal court.
Under the terms of the agreement, the evolution of which has been described in previous disclosures, the company will pay a civil penalty of approximately $700,000, modify certain operating practices, undertake capital projects and accelerate approximately $55 million of funding for future closure, maintenance and monitoring activities. Additional funding may be required in future years.
"We are pleased to have resolved this issue through a negotiated settlement that reaffirms our commitment to environmental stewardship," said Stephen R. Wilson, chairman, president and chief executive officer of CF Industries. "We have always sought to lead the industry in implementing practices that protect our natural resources, such as construction of our industry-first fully lined phosphogypsum stack system at Plant City."
The 2005 NOV arose from the EPA's broad phosphate industry enforcement initiative. The company believes it was in the best interest of shareholders to negotiate this pioneering agreement in response to that initiative. In doing so, the company has not admitted any violation of law or regulation.
About CF Industries Holdings, Inc.
CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, is the holding company for the operations of CF Industries, Inc. CF Industries is a global leader in nitrogen and phosphate fertilizer manufacturing and distribution, serving both agricultural and industrial customers. CF Industries operates world-class nitrogen fertilizer manufacturing complexes in the central United States and Canada; conducts phosphate mining and manufacturing operations in Central Florida; and distributes fertilizer products through a system of terminals, warehouses, and associated transportation equipment located primarily in the Midwestern United States. The company also owns 50 percent interests in GrowHow UK Limited, a fertilizer manufacturer in the United Kingdom; an ammonia facility in The Republic of Trinidad and Tobago; and KEYTRADE AG, a global fertilizer trading organization headquartered near Zurich, Switzerland. CF Industries routinely posts investor announcements and additional information on the company's website at www.cfindustries.com and encourages those interested in the company to check there frequently.