EuroChem Group AG has announced the sale of its Ukraine subsidiary. The price and terms of the deal have not been disclosed. The company has attributed the decision to recent actions in Ukraine restricting foreign suppliers of fertilizers and expectations of a further deterioration in the business climate.
The sale, made to a company connected to the subsidiary’s former management, marks the withdrawal of EuroChem from Ukraine, after more than 15 years of operations. The company has invested considerable resources in the country over that time, delivering its fertilizer products and services to meet growing demand from more than 1000 local customers, ranging from major agricultural wholesalers to retailers and private farms.
The company has expressed its gratitude to its clients in Ukraine for many years of good business, and also to its employees for helping to build a leading fertilizer producer and distributor in Ukraine.
EuroChem intends to continue consultations with the Ukrainian authorities on future opportunities through its European operations, while focusing on other growth markets for the Group.
Read the article online at: https://www.worldfertilizer.com/nitrogen/17052018/eurochem-withdraws-from-ukraine-fertilizer-market/