SANTIAGO, Chile, Jan. 7 /PRNewswire-FirstCall/ -- Sociedad Quimica y
Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A)
announced today that its Chilean subsidiary Soquimich Comercial S.A. (SQMC)
(Santiago Stock Exchange: SOQUICOM) and Anagra S.A., a Chilean fertilizer
distribution company, signed a memorandum of understanding ('MOU') oriented to
implement the merger of the two companies. SQMC imports, blends and
distributes specialty and commodity fertilizers in the Chilean market. The
merger would result in the creation of a new fertilizer distribution company
in Chile that would benefit from cost synergies and efficiency gains, enabling
the company to better serve customers in this market.
The merger must be approved by the Chilean Antitrust Commission in order
for it to go into effect. SQM will continue to be the majority shareholder of
the new company.
SQMC reported profits of approximately US$16.5 million as of September 31,
2008, representing approximately 4% of SQM's consolidated profits.
SQM is an integrated producer and distributor of specialty plant
nutrients, iodine and lithium. Its products are based on the development of
high quality natural resources that allow the Company to be leader in costs,
supported by a specialized international network with sales in over 100
countries. SQM's development strategy aims to maintain and strengthen the
Company's world leadership in its three core businesses: Specialty Plant
Nutrition, Iodine and Lithium.
Statements in this press release concerning the Company's business
outlook, future economic performances, anticipated profitability, revenues,
expenses, or other financial items, anticipated cost synergies and product or
service line growth, together with other statements that are not historical
facts, are 'forward-looking statements' as that term is defined under Federal
Securities Laws.
Any forward-looking statements are estimates, reflecting the best judgment
of SQM based on currently available information and involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those stated in such statements. Risks, uncertainties, and
factors that could affect the accuracy of such forward-looking statements are
identified in the public filing made with the Securities and Exchange
Commission, and forward-looking statements should be considered in light of
those factors.
SOURCE SQM
