PotashCorp Outlines Inventory Adjustments and Operational Changes

Potash Corporation of Saskatchewan (TSX:POT) has announced operational changes at its Cory potash facility and inventory adjustments at its Allan and Lanigan facilities.
As quoted in the press release:

The operational changes at Cory include a move to producing only white potash with an expected operational capability of approximately 0.8 million tonnes. The facility previously had an operational capability of approximately 1.4 million tonnes and produced both red and white potash. The changes will result in a reduction of approximately 100 permanent employees and 40 temporary positions. About 350 employees will continue to work at the facility.
“This is a difficult day for our employees and their families, and we are committed to helping those affected through this transition,” said Mark Fracchia, President PCS Potash. “We are making this decision to optimize production to our lowest cost operations, including Rocanville and other Saskatchewan sites, where new capacity was added and employment levels have risen by approximately 265 since 2014.”
The workforce reduction will primarily take effect in February with remaining changes occurring in the third quarter of 2017. PotashCorp is intent on providing severance packages, assistance, transition programs and information on existing openings at other sites for affected employees.

Click here to read the full press release.