Australian manufacturer IPL has decided to retain its fertilizer business following a strategic review, which commenced in September.
Discussions with potential buyers for Incitec Pivot Fertilisers have now ended, with IPL deciding that retaining the business is best for its shareholders in the current market uncertainty created by Covid-19.
"Recent widespread rainfall across eastern Australia has created significant demand by farmers for fertilizer. The business is also well placed to benefit from any future improvement in global fertilizer prices," said IPL's managing director and CEO Jeanne Johns.
IPL is the country's largest domestic fertilizer manufacturer with production units such as Gibson Island and Phosphate Hill in Queensland. It is also a substantial importer of fertilizers into the eastern states.
