New Zealand billionaire Graeme Hart is selling his 20 per cent stake in Food group Goodman Fielder. The deal is worth about $588 million and will be underwritten by Credit Suisse at $2.12 per share. The company's shares were placed on trading halt late yesterday. Goodman Fielder's 2007 profit result was down in comparison to the year before.
Explosives maker Orica may team up with the largest US producer of liquid-nitrogen fertiliser to build a petrochemical plant in Peru. The $1 billion project will produce ammonia which is used in fertilisers and explosives. The plant will be powered by natural gas from Peru's Camisea gas fields and will provide a significant number of jobs to the region. Orica has posted mixed profit results over the past five years, with 2006 the highlight.
Incitec Pivot has experienced an unscheduled outage of its urea manufacturing plant at Gibson Islandm Queensland. It happened as a result of damage to the lining of a vessel within the urea plant. Repairs have so far been unsuccessful and the vessel will be removed to replace the existing lining. Urea production is expected to recommence in mid-December. The company's insurer says if the insurance policy responds the total financial impact is estimated at $5.5 million after tax.
Incitec Pivot has recorded profits since 2004 after being in the red in 2003.
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