IMC Global

IMC Global was a United States mining and production company whose principal businesses centered on phosphate, potash, fertilizer materials, salt, and related chemicals. Its corporate lineage began in 1909, when Walderman Schmidten incorporated International Agricultural Corporation in New York. The company was established to obtain and develop mineral resources used in agriculture and initially built its activities around phosphate and potash production facilities in Tennessee and Florida. Over time, it became one of the most important phosphate owners and distributors in the United States. The company's early history reflected changing industrial demand. During the First World War, fertilizer demand weakened while demand for sulfuric acid increased sharply. In the 1920s, International Agricultural Corporation was described as the largest owner and distributor of phosphate in the United States. Its resource base and processing operations subsequently expanded geographically, including into California and other parts of the country. The company also grew through acquisitions outside its original mining focus, purchasing businesses associated with chemicals, containers, transportation, and industrial materials. By 1975, its operations extended across thirty-five U.S. states, Canada, and fifteen other countries. In late 1941, International Agricultural Corporation changed its name to International Minerals and Chemical Corporation and merged with United Potash and Chemical Corporation. The combination significantly expanded the company's potash operations. Wartime conditions also altered the competitive environment: imports from Germany were suspended during the Second World War, contributing to unusually strong demand for potash during and after the conflict. The company continued to diversify and expand during the following decades, including through acquisitions such as E. J. Lavino and Company, Great Lakes Container Corporation, and Chemical Leaman Tank Lines. A major corporate transformation began with the 1986 acquisition of Mallinckrodt, a St. Louis-based chemical company. In 1990, the parent company briefly adopted the name Imcera after a marketing review. In 1994, the parent adopted the Mallinckrodt name and separated its original agricultural-minerals businesses into a newly public company known as IMC. Although the new company inherited much of the earlier organization's staff and operating businesses, it had different shareholders and management from the former parent. The reconstituted IMC expanded aggressively in the 1990s. In 1996, it acquired Vigoro Corporation, a Chicago-based fertilizer producer and distributor, in a stock transaction valued at approximately $1.16 billion. The company then adopted the name IMC Global, while its potash operations were organized as IMC Kalium. In 1997, IMC completed a stock-based merger involving the former parent company of Freeport-McMoRan; that transaction left the copper and gold mining activities with Freeport-McMoRan while reinforcing IMC's position in agricultural minerals and related businesses. Later that year, IMC acquired Western Ag-Minerals and its Carlsbad, New Mexico, mine, and acquired Harris Chemical Group, expanding its fertilizer and salt operations. IMC Global ceased to exist as an independent company in 2004. Cargill agreed to combine its crop-nutrition division with IMC, creating a new crop-nutrition company. Following a naming competition, the new company was named The Mosaic Company. Mosaic began trading on the New York Stock Exchange on October 25, 2004. IMC Global's legacy therefore continued primarily through Mosaic's phosphate and potash businesses rather than through an independent IMC brand.

IMC Global's corporate history began on June 14, 1909, when Walderman Schmidten incorporated International Agricultural Corporation in New York. Schmidten, a German immigrant, sought capital and mineral resources connected with German potash interests, including Kaliwerke Sollstedt Gewerkschaft. The new company acquired phosphate and potash production facilities in Tennessee and Florida. Its authorized capital increased from $15 million in July 1909 to $36 million by April 1911. The business was shaped by the changing requirements of industrial agriculture and wartime production. When the First World War began, fertilizer demand declined, but demand for sulfuric acid rose substantially. By the 1920s, International Agricultural Corporation had become the largest owner and distributor of phosphate in the United States. In late 1941, it changed its name to International Minerals and Chemical Corporation and merged with United Potash and Chemical Corporation. The merger enlarged its potash operations. During the Second World War, the suspension of German imports removed a major source of competition and helped produce strong potash demand during and after the war. Over the next three decades, the company expanded its production footprint throughout the United States, including California, and broadened its business through acquisitions. Purchases included E. J. Lavino and Company, Great Lakes Container Corporation, and Chemical Leaman Tank Lines. By 1975, its activities covered thirty-five states, Canada, and fifteen other countries. This period transformed the company from a concentrated phosphate and potash producer into a diversified minerals, chemicals, industrial-materials, and transportation group. In 1986, International Minerals and Chemical Corporation acquired Mallinckrodt, a leading chemical company headquartered in St. Louis. Following a year-long marketing study, the company adopted the name Imcera in April 1990, although that identity was short-lived. In 1994, the parent organization adopted the Mallinckrodt name and spun off its original mineral and agricultural businesses into a separate publicly traded company called IMC. The new IMC retained much of the inherited operating platform but had separate shareholders and management. The new company pursued further consolidation in the fertilizer industry. During the first quarter of 1996, IMC acquired Chicago-based Vigoro Corporation in a stock exchange valued at approximately $1.16 billion. After the transaction, IMC was renamed IMC Global and its potash operations were organized as IMC Kalium. In 1997, IMC completed a merger involving the previous parent of Freeport-McMoRan. The copper and gold mining operations remained with Freeport-McMoRan, while IMC concentrated on fertilizer minerals and related businesses. IMC also acquired Western Ag-Minerals and its Carlsbad, New Mexico, mine from Rayrock Yellowknife Resources. Regulators reviewed the transaction because ownership of two mines in the area could have given IMC substantial influence over fertilizer prices. The deal proceeded after an independent study concluded that combining the resources would improve mining efficiency. Later in 1997, IMC acquired Harris Chemical Group for cash and assumed debt, further enlarging its fertilizer and salt businesses. The decisive final transaction occurred in 2004. Cargill announced an agreement to combine its crop-nutrition division with IMC. A naming competition selected Mosaic for the new company, which became The Mosaic Company. Mosaic began trading on the New York Stock Exchange on October 25, 2004. IMC Global was consequently discontinued as an independent company, with its principal agricultural-minerals operations continuing within Mosaic.

1. 2004IMC combines with Cargill crop nutrition

   IMC and Cargill's crop-nutrition division were combined to create The Mosaic Company.

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2. 2004Mosaic begins NYSE trading

   The Mosaic Company began trading on the New York Stock Exchange on October 25, marking the end of IMC Global as an independent company.

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3. 1997Expansion through merger and acquisitions

   IMC completed a Freeport-McMoRan-related merger and acquired Western Ag-Minerals and Harris Chemical Group.

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4. 1996Vigoro acquired and IMC Global name adopted

   IMC acquired Vigoro and subsequently adopted the IMC Global name; its potash business became IMC Kalium.

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5. 1994Mineral businesses separated as IMC

   The original mineral and agricultural businesses were spun out of the Mallinckrodt parent into a newly public company known as IMC.

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6. 1990Imcera identity introduced

   The company briefly changed its name to Imcera after a marketing review.

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7. 1986Mallinckrodt acquired

   International Minerals and Chemical Corporation acquired Mallinckrodt, a major St. Louis-based chemical company.

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8. 1975International operating expansion

   The company's operations had expanded to thirty-five U.S. states, Canada, and fifteen other countries.

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9. 1941Name change and United Potash merger

   The company became International Minerals and Chemical Corporation and merged with United Potash and Chemical Corporation, substantially expanding its potash operations.

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10. 1909International Agricultural Corporation incorporated

    Walderman Schmidten incorporated International Agricultural Corporation in New York on June 14, establishing the corporate predecessor of IMC Global.

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A vertically integrated agricultural-minerals and chemicals company focused on mining, processing, and distributing phosphate and potash fertilizer materials, with additional chemical, salt, logistics, and industrial operations acquired during its expansion.

• Phosphate fertilizersAgricultural chemicals

  Phosphate mining and processing formed one of IMC Global's foundational businesses. The company developed phosphate production facilities and became a major U.S. phosphate owner and distributor, supplying mineral inputs used in agricultural fertilizers.

• PotashAgricultural chemicals

  Potash became increasingly important after the 1941 United Potash merger. By the IMC Global period, these activities were organized under IMC Kalium and represented a central part of the company's crop-nutrition portfolio.

• Salt and chemical productsIndustrial chemicals

  Through diversification and the Harris Chemical Group acquisition, IMC expanded beyond fertilizer minerals into salt and related chemical activities. These operations complemented its mining, processing, and agricultural-materials businesses.

• Vigoro fertilizer products and distributionFertilizer distribution1996

  The 1996 Vigoro acquisition added a Chicago-based fertilizer producer and distributor to IMC's portfolio, strengthening the company's connection between mineral production, fertilizer manufacturing, and market distribution.

• 2004Combine with Cargill crop nutritionM&A

  IMC and Cargill sought to create a large dedicated crop-nutrition company by combining IMC with Cargill's crop-nutrition division.

  What changed. The companies agreed to form a new company, later named The Mosaic Company after a naming competition.

  Aftermath. Mosaic began trading on the New York Stock Exchange on October 25, 2004, and IMC Global ceased to operate as an independent company.

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• 1997Acquire Western Ag-MineralsM&A

  Western Ag-Minerals owned a fertilizer-minerals operation in Carlsbad, New Mexico, where IMC already owned another mine.

  What changed. IMC agreed to acquire Western Ag-Minerals and its mine from Rayrock Yellowknife Resources.

  Aftermath. The transaction was reviewed by the Department of Justice and Federal Trade Commission because of possible effects on fertilizer pricing. It proceeded after an independent study found that combining the resources could improve mining efficiency.

  Purchase price. Nearly $53 million (1997)

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• 1997Acquire Harris Chemical GroupM&A

  IMC aimed to extend its fertilizer and salt businesses through further industrial-chemical consolidation.

  What changed. IMC acquired Harris Chemical Group for cash and assumed debt.

  Aftermath. The acquisition expanded IMC's fertilizer and salt operations.

  Transaction consideration. $450 million in cash plus $950 million in assumed debt (1997)

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• 1996Acquire Vigoro CorporationM&A

  IMC sought to expand its fertilizer production and distribution platform.

  What changed. IMC acquired Vigoro in a stock exchange valued at approximately $1.16 billion and subsequently changed its corporate name to IMC Global.

  Aftermath. The transaction broadened IMC's fertilizer-market presence, while the potash operations were organized as IMC Kalium.

  Transaction value. Approximately $1.16 billion (First quarter of 1996)

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• 2004IMC agrees to combine with Cargill's crop-nutrition division

  Cargill and IMC announced an agreement to combine Cargill's crop-nutrition division with IMC, leading to the creation of The Mosaic Company.

  M&A
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• 2004The Mosaic Company begins trading

  The successor company created from IMC and Cargill's crop-nutrition division began trading on the New York Stock Exchange on October 25, ending IMC Global's existence as an independent listed company.

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• 1997IMC completes Freeport-McMoRan-related merger

  IMC entered into a stock-based merger with the previous parent company of Freeport-McMoRan. Freeport-McMoRan retained the copper and gold mining activities, while IMC continued its agricultural-minerals businesses.

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• 1996IMC acquires Vigoro Corporation

  IMC acquired fertilizer producer and distributor Vigoro Corporation through a stock exchange valued at approximately $1.16 billion. The transaction preceded the adoption of the IMC Global name.

  M&A
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1. IMC Global