IGL I M C Global

IMC Global's Phosphate Unit Completes Sale of Port Sutton Terminal in East Tampa to Kinder Morgan LAKE FOREST, Ill., Dec. 23 /PRNewswire-FirstCall/ -- IMC Global Inc. announced today that its IMC Phosphates Company has completed the sale of its Port Sutton marine terminal in East Tampa, Florida to a subsidiary of Kinder Morgan Energy Partners, L.P. for gross cash proceeds of $23.3 million. Noting the divestiture continues a program to monetize non-core assets and implement cost avoidance measures, IMC Global said proceeds will be applied to reduce debt while its operating costs for using Port Sutton will be lowered. Kinder Morgan, with expertise in managing port and shipping facilities, will operate Port Sutton while IMC, under a long-term contract, maintains full access to the terminal's handling and storage capabilities for its concentrated phosphates and animal feed products. IMC also retains a preexisting lease from a third party for the terminal's 50,000-ton anhydrous ammonia handling facility. Originally owned and operated since 1965 by IMC Global's predecessor company, International Minerals & Chemical Corporation, Port Sutton occupies 114 acres south of the Port of Tampa and includes two ship berths, one ship loader and a 50,000-ton ammonia storage tank. With 2002 revenues of $2.1 billion, IMC Global is the world's largest producer and marketer of concentrated phosphates and potash crop nutrients for the agricultural industry and a leading global provider of feed ingredients for the animal nutrition industry. For more information, visit IMC Global's Web site at imcglobal.com . (This news release contains forward-looking statements that are based on current expectations; actual results may differ materially. Such forward- looking statements include statements regarding quarterly and annual results for 2003 and expectations regarding the phosphate market recovery. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and Company plans and objectives to differ materially from those expressed in the forward-looking statements.) DATASOURCE: IMC Global Inc. CONTACT: Investors and Media, David A. Prichard of IMC Global Inc., +1-847-739-1810, Web site: http://www.imcglobal.com/

Copyright