PotashCorp Announces Ratification of Labor Contracts at Cory, Allan and Patience Lake
Posted on: November 14, 2008 7:08amSaskatoon, Saskatchewan – Potash Corporation of Saskatchewan Inc. (PotashCorp) today announced that employees represented by United Steelworkers’ (USW) Local 7689 at Allan, USW Local 7458 at Cory and USW Local 189 at Patience Lake, voted to ratify collective agreements tentatively agreed upon on November 7. The three-year agreements are retroactive to May 1, 2008.
The cost of the settlements does not differ materially from the final offer put forward by the company in July, protecting PotashCorp’s long-term cost structure at its operations. Specifically, the collective agreements do not contain “commodity-based bonuses” or bonuses based on PotashCorp net income.
Potash Corporation of Saskatchewan Inc. is the world’s largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, second largest in nitrogen and third largest in phosphate; animal nutrition, with the world’s largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and the world’s largest capacity for production of purified industrial phosphoric acid.
For further information please contact:
Investors
Denita Stann
Director, Investor Relations
Phone: (847) 849-4277
Email: ir@potashcorp.com
Media
Bill Johnson
Director, Public Affairs
Phone: (306) 933-8849
Email: pr@potashcorp.com
Web Site: www.potashcorp.com
This release contains forward-looking statements. These statements are based on certain factors and assumptions including foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities and effective income tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to: fluctuations in supply and demand in fertilizer, sulfur, transportation and petrochemical markets; changes in competitive pressures, including pricing pressures; timing and amount of capital expenditures; risks associated with natural gas and other hedging activities; changes in capital markets and corresponding effects on the company’s investments; changes in currency and exchange rates; the current global financial crisis and changes in credit markets; unexpected geological or environmental conditions, including water inflow; strikes and other forms of work stoppage or slowdowns; changes in and the effects of, government policy and regulations; and earnings, exchange rates and the decisions of taxing authorities, all of which could affect our effective tax rates. Additional risks and uncertainties can be found in our Form 10-K for the fiscal year ended December 31, 2007 under captions “Forward-Looking Statements” and “Item 1A – Risk Factors” and in our filings with the US Securities and Exchange Commission and Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this release and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
