SASKATOON, Saskatchewan, Dec. 3 (UPI) -- Canadian firm Potash Corp. of Saskatchewan Inc. said Tuesday it would cut about 1,045 jobs as it anticipates slow demand from emerging markets.
The company said it was taking "the difficult but necessary step" of cutting its workforce by 18 percent in Canada, the United States and Trinidad, as "a significant portion of fertilizer demand comes from developing markets where growth has been less robust than expected."
The company that calls itself the world's largest fertilizer producer, said it expected a charge of $70 million for employee severance, but it would save as much as $30 per metric ton in potash production costs by 2016, as well as savings in other divisions.
The downsizing will affect about 440 workers in Saskatchewan, 130 in New Brunswick, Canada, 350 in Florida, 85 in North Carolina and 40 in other locations, including Illinois where the company's runs its U.S. sales operations.
The firm said 550 potash production workers would be let go in Canada and 350 phosphate production workers would lose jobs in White Springs, Fla., where it will close one of two chemical plants.
"While these are steps we must take to run a sustainable business and protect the long-term interests of all our stakeholders, these decisions are never easy," said PotashCorp President and Chief Executive Officer Bill Doyle in a statement.
