Potash Corp. To Cut Workforce By Approx. 18% - Quick Facts

(RTTNews) - Potash Corporation of Saskatchewan Inc. (POT.TO, POT) announced the company's decision to reduce its workforce in Canada, the United States and Trinidad by approximately 18 percent from current levels.

The company said fertilizer demand was less robust than it expected in the developing markets. The sluggish environment contributed to the challenging market conditions, and as a consequence, the company decided to reduce costs to enhance its global competitive position.

Potash Corp. will be suspending production at one of its two Lanigan mills by year end, and will reduce production at its Cory facility by year end. Potash will cease production at its Penobsquis, NB facility at the end of the first quarter 2014.

The company will be closing its Suwannee River chemical plant in the second half of 2014.