Another defunct industry like oil.
PotashCorp to close N.B. mine indefinitely, cutting up to 430 jobs
SUSSEX, N.B. -- Amid weak global markets for fertilizer products, Potash Corporation of Saskatchewan shut down its Picadilly mine in southern New Brunswick for an indefinite period Tuesday, eliminating up to 430 jobs.
"This is a very difficult day for our employees and our company," PotashCorp. CEO Jochen Tilk said in a statement.
"We understand the significant impact to our people in New Brunswick and the surrounding communities and are committed to helping those affected through this challenging time."
The company (TSX
OT) said it is cutting costs by focusing on its lower-cost operations in Saskatchewan.
The move is expected to save the company up to $50 million in 2016, although these savings will be offset by $35 million in severance costs.
About 35 employees will be kept on to maintain the idled facility near Sussex. Another 100 workers will remain in place through a four-month transition period.
Should the company decide to rsume operations, it would take about a year to get it running again.
The company, based in Saskatoon, Sask., has been struggling to cope with weak markets for years. Cuts made in 2013 took out 3.5 million tonnes in potash production.
Potash Corporation of Saskatchewan suspends N.B. operation, cuts 420 jobs | CTV News
PotashCorp to close N.B. mine indefinitely, cutting up to 430 jobs
SUSSEX, N.B. -- Amid weak global markets for fertilizer products, Potash Corporation of Saskatchewan shut down its Picadilly mine in southern New Brunswick for an indefinite period Tuesday, eliminating up to 430 jobs.
"This is a very difficult day for our employees and our company," PotashCorp. CEO Jochen Tilk said in a statement.
"We understand the significant impact to our people in New Brunswick and the surrounding communities and are committed to helping those affected through this challenging time."
The company (TSX
OT) said it is cutting costs by focusing on its lower-cost operations in Saskatchewan.The move is expected to save the company up to $50 million in 2016, although these savings will be offset by $35 million in severance costs.
About 35 employees will be kept on to maintain the idled facility near Sussex. Another 100 workers will remain in place through a four-month transition period.
Should the company decide to rsume operations, it would take about a year to get it running again.
The company, based in Saskatoon, Sask., has been struggling to cope with weak markets for years. Cuts made in 2013 took out 3.5 million tonnes in potash production.
Potash Corporation of Saskatchewan suspends N.B. operation, cuts 420 jobs | CTV News
