Business conditions—good or difficult—do not and will not change Mosaic’s commitment to sustainability. Success comes when we make smart choices about our stewardship of the environment, how we engage our people and our communities, and how we manage resources. Our financial strength allows us to continue investing in our company’s sustainability progress, regardless of market conditions.
We were tested in 2013 by lower market prices for potash and phosphates due to increasing global supply and inconsistent demand in certain parts of the world, most notably India and China. I’m proud that at Mosaic, we navigated through these challenges and produced solidly profitable business results, all the while keeping the sustainability of our business in mind.
We chose to use the tough environment as an opportunity to grow and refine our business portfolio. We are increasing our investment in Brazil’s agricultural promise by agreeing to purchase Archer Daniels Midland Company’s fertilizer distribution business in Brazil and Paraguay, a move that complements our expansion plans already underway. We also acquired CF Industries’ phosphate operations in March 2014, and entered into a phosphates joint venture with Ma’aden and SABIC in Saudi Arabia. We also reached difficult decisions to divest underperforming assets in Chile, Argentina and Michigan. We expect these decisions to increase not only our operational efficiencies, but also our agronomic and economic impact in key agricultural markets.