potashcorp bmo capital markets global metals & mining conference
TRANSCRIPT
PotashCorp.com
BMO Capital Markets Global Metals & Mining
Conference
February 28, 2017
Jochen TilkPresident and CEO
Forward-looking Statements
Slide #2
This presentation contains “forward-looking statements" (within the meaning of the US Private Securities Litigation Reform Act of 1995) or “forward-looking information”(within the meaning of applicable Canadian securities legislation) that relate to future events or our future performance. These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. These statements often contain words such as “should,” “could,” “expect,” “forecast,” “may,”“anticipate,” “believe,” “intend,” “estimates,” “plans” and similar expressions. These statements are based on certain factors and assumptions as set forth in this document, including with respect to: foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, including the completion of the proposed merger of equals with Agrium, and effective tax rates. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are subject to risks and uncertainties that are difficult to predict. The results or events set forth in forward-looking statements may differ materially from actual results or events. Several factors could cause actual results or events to differ materially from those expressed in forward-looking statements including, but not limited to, the following: our proposed merger of equals transaction with Agrium, including the failure to satisfy all required conditions, including required regulatory approvals, or to satisfy or obtain waivers with respect to all other closing conditions in a timely manner and on favorable terms or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the arrangement agreement; certain costs that we may incur in connection with the proposed merger of equals; certain restrictions in the arrangement agreement on our ability to take action outside the ordinary course of business without the consent of Agrium; the effect of the announcement of the proposed merger of equals on our ability to retain customers, suppliers and personnel and on our operating future business and operations generally; risks related to diversion of management time from ongoing business operations due to the proposed merger of equals; failure to realize the anticipated benefits of the proposed merger of equals and to successfully integrate Agrium and PotashCorp; the results of our impairment assessment regarding the carrying value of certain assets; the risk that our credit ratings may be downgraded or there may be adverse conditions in the credit markets; variations from our assumptions with respect to foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, and effective tax rates; fluctuations in supply and demand in the fertilizer, sulfur and petrochemical markets; changes in competitive pressures, including pricing pressures; risks and uncertainties related to any operating and workforce changes made in response to our industry and the markets we serve, including mine and inventory shutdowns; adverse or uncertain economic conditions and changes in credit and financial markets; economic and political uncertainty around the world; changes in capital markets; the results of sales contract negotiations; unexpected or adverse weather conditions; risks related to reputational loss; the occurrence of a major safety incident; inadequate insurance coverage for a significant liability; inability to obtain relevant permits for our operations; catastrophic events or malicious acts, including terrorism; certain complications that may arise in our mining process, including water inflows; risks and uncertainties related to our international operations and assets; our ownership of non-controlling equity interests in other companies; our prospects to reinvest capital in strategic opportunities and acquisitions; risks associated with natural gas and other hedging activities; security risks related to our information technology systems; imprecision in reserve estimates; costs and availability of transportation and distribution for our raw materials and products, including railcars and ocean freight; changes in, and the effects of, government policies and regulations; earnings and the decisions of taxing authorities which could affect our effective tax rates; increases in the price or reduced availability of the raw materials that we use; our ability to attract, develop, engage and retain skilled employees; strikes or other forms of work stoppage or slowdowns; rates of return on, and the risks associated with, our investments and capital expenditures; timing and impact of capital expenditures; the impact of further innovation; adverse developments in new and pending legal proceedings or government investigations; and violations of our governance and compliance policies. These risks and uncertainties are discussed in more detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Results and Operations and Financial Condition” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, the joint information circular of the company and Agrium, filed as Exhibit 99.1 to the company’s Current Report on Form 8-K dated October 6, 2016 and with Canadian provincial securities commissions, in connection with the proposed merger of equals with Agrium and in other documents and reports subsequently filed by us with the US Securities and Exchange Commission and the Canadian provincial securities commissions. Forward-looking statements are given only as of the date hereof and we disclaim any obligation to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
Company Overview
Source: PotashCorp
Slide #4
• Six mines in Canada with over 19 MMT of nameplate capacity• Highest-quality, lowest-cost North American potash producer
with significant platform for growth
• Three facilities in the US and a large-scale facility in Trinidad• Lower-cost natural gas, proximity to key markets and more
stable industrial customer base
• Two mining/processing plants and five upgrading facilities in the US
• Most diversified product offering in the industry; historically higher margins and more stable returns
• Four strategic investments: APC (Jordan) 28%, ICL (Israel) 14%, Sinofert (China) 22% and SQM (Chile) 32%
• Market value of $4.6 billion*, or $5 per PotashCorp share
World Class Potash Assets and Advantaged Positions in Nitrogen and Phosphate
Company Overview
* At market close on February 21, 2017
90%
10%
Fertilizer Feed & Industrial
39%
61%
North America Offshore
Source: PotashCorp
Slide #5
Product Sales Volumes (2016)
Geographic Sales Volumes (2016)
Priorities
Potash
Company Overview
• Market-responsive potash approach
• Strike the right balance between:• Maximizing flexibility (operational capability
to respond to demand growth) • Minimizing costs (optimization of production
to lowest cost mines)
• Enhance market opportunities and distribution capabilities
• Explore additional opportunities to enhance our potash enterprise
63%
37%
FertilizerFeed & Industrial
39%
61%
Fertilizer Feed & Industrial
72%
28%
North AmericaOffshore
Source: PotashCorp
Slide #6
Product Sales Volumes (2016)Priorities
Geographic Sales Volumes (2016)
84%
16%
North America Offshore
Nitrogen Phosphate
Company Overview
• Enhance our cost position by achieving energy and labor efficiencies
• Maintain/enhance product flexibility• Optimize Trinidad production and explore new
market opportunities
• Improve cost position by refining mining techniques and procurement initiatives
• Evaluate new market viability and product differentiation opportunities
Nitrogen
Phosphate
53%43%
4%
Potash Nitrogen Phosphate
Source: PotashCorp
Slide #7
Contribution to Gross Margin (2016)Sales Volumes (2016)
PotashCorp’s Nutrient Profile
Potash Nitrogen Phosphate0
2
4
6
8
10Million Metric Tonnes
Potash is Our Core Nutrient
Strategy and Focus Areas
Market Responsive Potash Approach - 10.1 MMT potash operational capability in 2017
• Initiated operational changes at Cory mine; move to white potash only• Announced inventory shutdowns at other SK mines
Positioning our Company for Long-term Success
Strategy and Key Focus Areas
Slide #9
Financial Flexibility - ~$600 million forecast capital expenditure in 2017
Portfolio Optimization - ~$10/mt estimated reduction in potash cost of goods sold in 2017
• Completion of multi-year potash expansion program • Realigned dividend in 2016
• Suspended production in New Brunswick• Ramping up Rocanville in 2017; largest and lowest cost potash mine• Focusing on continued operational excellence across all three nutrients
Source: PotashCorp
Merger of Equals with Agrium - Up to $500 million of estimated annual operating synergies • Received regulatory clearances in Brazil and Russia; anticipate mid-2017 close• Evaluating synergies, processes and best practices for adoption by the new organization
Rocanville Allan Lanigan Cory New Brunswick Patience Lake0
1
2
3
4
5
6
7
Operational Capability*
Nameplate Capacity**
Paid-for Capacity a Platform for Growth
Source: PotashCorp
Million Tonnes KCl
* Estimated annual achievable production level at current staffing and operational readiness (estimated at beginning of 2017). Estimate does not include inventory-related shutdowns and unplanned downtime.
** Estimates based on 2017 capacity as per design specifications or Canpotex entitlements once determined. In the case of New Brunswick, nameplate capacity represents design specifications for the Picadilly mine, which is currently in care-and-maintenance mode. In the case of Patience Lake, estimate reflects current operational capability.
Slide #10
Market Responsive Potash Approach
2013 2014 2015 2016 2017F**0
25
50
75
100
125
150
0
10
20
30
40
50
60Cash-related Cost of Goods Sold*Depreciation and AmortizationRocanville % of Total Operational Capability
Optimizing Potash Production Toward Lowest-Cost Operations
Source: PotashCorp
* Refers to total cost of goods sold less depreciation and amortization** Assumes Rocanville production of approximately 5mmt in 2017; FX rate of CDN 1.32 per 1 USD; 2017 sales volumes based on guidance as of January 26, 2017
Slide #11
Portfolio Optimization
US$ Per Tonne (Potash)
Rocanville cash costs anticipated
to be ~$45-$50 per tonne when ramped up
Percent
Focusing on Financial Flexibility and Investment-Grade Credit Rating
Financial Flexibility
Slide #12Source: PotashCorp
2013 2014 2015 2016 2017F**0
600
1,200
1,800
2,400
3,000 Dividend
CAPEX - Sustaining *
CAPEX - Opportunity *
US$ Millions
* Does not include capitalized interest ** Based on CAPEX guidance as of January 26, 2017
Source: PotashCorp
2017Q1 Q2
2016
Suspended potash operations at Picadilly, NB
2.0 mmt of nameplate capacity
Announced Inventory Shutdowns
at Allan & Lanigan
Q3
Reduced quarterly dividend
to $0.10/share
Reduced quarterly dividendto $0.25/share
Q4 Q1
2017
Rocanville Ramp-upExpect Canpotex allocation
increase for 2H 2017
Hammond Warehouse/ Distribution Centre
Completeenhancing US
distribution
Commitment to a Proactive Approach; Merger Expected to Close Mid-2017
Recent and Upcoming Event Timeline
Announced Merger of Equals with Agrium
Expect up to $500M in annual synergies
Shareholders overwhelmingly voted to approve
merger with Agrium
Q2 Q3
Slide #13
Merger Regulatory Review and
Integration Planning Processes
Expect to be complete in mid-2017
Announced Operational Changes & Inventory
Shutdownsmove to white potash
only at Cory
Market Update
Supportive Agriculture Fundamentals in Most Key Regions
• Farm consolidation supporting improved fertilization practices• Government reducing subsidized local prices, most notably for corn• Continued shift to high-value, nutrient-intensive crops
• Potential pull back in corn acres and increase in soybeans could be slight headwind for N and neutral for P & K• Tightening credit for highly-levered growers but strong fertilizer affordability supports application rates
• Strong crop margins and nutrient affordability supporting record fertilizer demand• Acreage expansion to continue although at slower pace• Market adjusting to tightened credit availability
• Improved subsidy support for agriculture including farm credit• Better moisture conditions contributed to increased Rabi crop acreage and improved fertilizer demand
• Palm oil prices currently at very supportive levels • Plantations implement yield recovery programs following drought in 2016• Higher application rates key driver of fertilizer consumption growth
Selected Crop Prices
Source: S&P Global Market Intelligence
North America
LatinAmerica China India Other Asia
$10.46
Soybean (US$/bu)
$10.14$0.16
Sugar (US$/lbs)
$0.20$2,442
$2,621
Palm Oil (MYR/mt)
Regional Assessment
* As at February 21, 2017
Global Agriculture Backdrop
Nov’
17
Oct’1
7
Nov’
17
Slide #15
3-Year Average
$3.96
Corn (US$/bu)
$3.84
Dec’
17Futures
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-1750%
75%
100%
125%
150%
Crop Price Index* Fertilizer Price Index**
* Based on corn, soybean and wheat prices (weighted by global consumption).
** Based on urea, DAP and KCl prices (weighted by global consumption).
Fertilizer Affordability IndexFertilizer Represents Good Value for Farmers
Source: Bloomberg, Fertilizer Week
Fertilizer Represents Good Value for Farmers
Price Index (January 2015 = 100%)
Slide #16
Source: CRU, TFI, Company Reports, PotashCorp
Million Tonnes KCl
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2010 2014 2015 2016E20122011 2013
Estimated Distributor Inventory Change (Shipments less Consumption)Estimated Producer Inventory Change (Production less Sales)
Global Potash Inventory ChangesInventory Has Been Drawn Down at Both Producer and Distribution Level
Slide #17
Potash Shipments by Region
Source: Fertecon, CRU, Industry Publications, PotashCorp
Expect Demand of 61-64 Million Tonnes in 2017
14 15 16E 17F 14 15 16E 17F 14 15 16E 17F 14 15 16E 17F 14 15 16E 17F0
5
10
15
20
India
Note: Shaded bars represent shipment forecast range as of January 26, 2017.
4.2 – 4.7mmt• Improved moisture conditions and reduced inventory levels to support demand
Other Asia
8.8 – 9.3mmt• Demand supported by good crop economics and improved moisture conditions
North America
9.3 – 9.8mmt• Supportive nutrient prices and significant removal of nutrients following record crop expected to support demand
Latin America
11.5 – 12.0mmt• Agronomic need, favorable crop economics, and lower inventories expected to support demand growth
China
14.5 – 15.5mmt• Lower inventories and strong consumption expected to support demand growth
2017
H
ighl
ight
s
Million Tonnes KCl
Previous Record:6.3mmt (2010)
Previous Record:9.5mmt (2014)
Previous Record:11.1mmt (1997)
Previous Record:11.7mmt (2014)
Previous Record:15.8mmt (2015)
Slide #18
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
F20
18F20
19F20
20F20
21F
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
10
20
30
40
50
60
70
80Fruits & VegetablesGrains & OilseedsOther CropsPotash Consumption
Potash Consumption – Million Tonnes KCl Equivalent
Global Crop Production and Potash Consumption
Crop Production – Million Tonnes
Production of Nutrient Intensive Crops Underpins Potash Consumption Growth
Source: Fertecon, CRU, USDA, FAO, PotashCorp
Other crops include fiber crops, pulses, roots and tubers.
2001-2016 CAGR
F & V2.8% 2.3%
G & O1.6%Other
2.7%Potash
Slide #19
Source: Fertecon, CRU, IFA, PotashCorp
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017F
2018F
2019F
2020F
2021F
0
10
20
30
40
50
60
70
80ShipmentsPOT Shipment Forecast RangeOperational Capability*
Million Tonnes KCl
Expect Relatively Balanced Supply/Demand Over Medium Term
Global Potash Supply and Demand
* Estimated annual achievable production level from existing operations; announced probable and possible projects; assuming typical ramp-up periods for new capacity. Probable and possible projects based on PotashCorp’s view of project probabilities.
Slide #20
2017 Ammonia Capacity Changes* Million Tonnes
Source: CRU, Fertecon, Company Reports, PotashCorp
* Based on industry consultant estimates; capacity is prorated for start-up timing in 2017** Net of additions and permanent closures*** Based on industry consultant estimates
Global Nitrogen Market OverviewAdjusting to New US Capacity; Reduced Chinese Urea and FSU Ammonia Exports
Series1
-2
0
2
4
6
8 L. AmericaAfricaRussia
Other Asia
US
China**
Middle East
Slide #21
Net Additions = +6.8 Mmt (~3%)
Black Sea Ammonia ExportsConstrained
~55-60%
Current operating rate vs typical average ~75%
Chinese operating rates*** at historical lows
~1.0Mmt
Estimated reduction in 2016 Black Sea exports compared to previous 5-
year high
Market Factors to Watch
Ammonia demand growth projected at ~2% in 2017
2017 Phosphate Capacity Additions*Million Tonnes P2O5
Source: CRU, Katana, Profercy, PotashCorp
Global Phosphate Market OverviewAdjusting to New Capacity in Morocco & Saudi Arabia; Weak Near-term Indian Demand
Elevated Indian inventory levels to begin 2017
~65-70%
Current operating rate vs typical average ~77%
Low Chinese operating rates**
~1.4Mmt
DAP inventory on hand (57% above trailing 3-year
average)
Net Additions = +1.5 Mmt P2O5 (~3%) Market Factors to Watch
* Based on industry consultant estimates; capacity is prorated for start-up timing in 2017** Based on industry consultant estimates
Slide #22
Morocco35%
Saudi Arabia
23%
42%
Others
Phosphate demand growth projected at ~2% in 2017
Appendix: Merger of Equals with Agrium
Combination Creates a World-Class Integrated Global Supplier of Crop Inputs
Slide #24
Largest Crop Nutrient Company in the World & 3rd Largest Natural Resource Company in Canada Combined market capitalization of $30 billion and enterprise value of $40 billion (1)
Low-Cost, World-Class Producer of Key Crop Nutrients Highest-quality, lowest-cost North American potash producer Low-cost North American nitrogen platform; diverse phosphate product portfolio
Leading Retail Distribution Platform Global retail distributor of crop input products, services and solutions for growers Platform for future high-value product innovation and growth
Up to $5 Billion in Value Creation from Run-rate Synergies (2)
~$500 million of estimated annual operating synergies Implies ~20% value creation for the combined enterprise All-stock transaction allows all shareholders to participate in the benefits of the combination
Compelling Growth Opportunities Recently completed capacity expansions, particularly in potash, provide platform for growth Continue retail's highly successful organic growth and acquisition strategy
Strong Balance Sheet with Significant Cash Flow Generation ~$3bn-4bn operating cash flow (3) with significant upside potential upon cycle recovery Flexibility to grow and return excess capital while maintaining strong credit ratings Large capital projects complete for both companies Strong cash flows to support attractive dividends, expected to be equal to the current Agrium level (4)
Note: Dollars in U.S. dollars.(1) Based on Agrium and PotashCorp enterprise values as of 2/22/17(2) Assumes $500 million of annual synergies capitalized at a blended EV / 2017E EBITDA multiple of 10x, not including costs to achieve. (3) Range represents combined 2015 & 2016 cash provided by operating activities.(4) Adjusted for the new share count, subject to market conditions and Board approval at the time of closing.
Low-Cost Potash Assets with High Quality Reserves
Slide #25
CoryVanscoy
Allan
Patience Lake
Lanigan
Rocanville
Nameplate Capacity (1)Pro Forma Potash Contribution
35%
3 Year Avg. EBITDA (2)
(million tonnes)
• Total combined potash nameplate capacity of 22.1 million tonnes (1)
• Capacity expansions provide platform for future growth• Opportunities for procurement synergies through operational efficiency
Source: Company filings and Company information. (1) Represents estimated nameplate capacity as of December 31, 2016, which may exceed operational capability. Please refer to PotashCorp’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and to Agrium’s Annual Information Form for the year ended December 31, 2015. (2) Represents the average of the combined Agrium and PotashCorp historical EBITDA for fiscal years ending December 31, 2013, 2014 and 2015.
Agrium Potash MinePotashCorp Potash Mine
4% 16%
10%
31%
39%
Premier Integrated Global Ag Input Retailer
Slide #26
• Best-in-class products and services across a wide variety of crops• Proprietary product lines provide differentiated solutions • Leading edge investments in technology and innovation enhance total-acre offering for growers
Over 1,400 facilitiesin 7 countries
NORTH AMERICA
SOUTH AMERICA
AUSTRALIA
Canada
USA
BrazilChileArgentin
a Uruguay
EBITDA (2015)89% North America / 11% Int’l
Providing everything growers
need to maximize yields
MerchandiseServices/Other
Seed
Crop Nutrients
Crop Protection
Crop inputs & services for
over 50 different crops
Corn23%
Wheat18%
Soybean16%
Canola11%
Cotton6%
Perm Crops8%
Veg5%
All Other13%
Source: Company filings.
Attractive Geographic Footprint Complete Ag Solutions Offering
Broad Crop Diversity
Retail Integration and Optimization Opportunities
Slide #27
TRINIDAD
Agrium Nitrogen ProductionAgrium Phosphate ProductionAgrium Potash ProductionRetail: Crop Production Services (CPS)
Agrium Locations PotashCorp Locations
PotashCorp Nitrogen Production PotashCorp Phosphate ProductionPotashCorp Potash Production
Lima, OH :- Ammonia, UANOptimizable netback area: OH, IN
# of Retail Facilities: 75 Annual volume: 120,000 tons
Trinidad: UreaOptimizable netback area:
River NetworkNew Madrid ESN plant
# of Retail Facilities: 280 Annual volume:
440,000 tons
Aurora, NC: MAP/DAPOptimizable netback area:
East of MS River# of Retail Facilities: 267
Annual volume: 200,000 tons
Augusta, GA: UANOptimizable netback area:
East of MS River (Rail & Truck) # of Retail Facilities: 72
Annual volume: 150,000 tons
Geismar, LA: UANOptimizable netback area:
River Network# of Retail Facilities: 254
Annual volume: 325,000 tons
Combination Provides Significant Synergy Opportunity
Slide #28
• Dedicated teams established at each company to identify synergy opportunities• Synergy teams conducted assessments to quantify opportunities
Optimizing key areas to generate ~$500 million of annual operating synergies
~16.5 million tonnesNorth American
product shipments
15,000+Total railcars
(~40% for potash)
1,700+Distribution points in
North America
$1.4 billionAnnual non-raw material /
MRO purchasesAnnual sustaining
capital spendTotal combined freight and distribution costs
$1.2 billion $1.2 billion
Note: Dollars in U.S. dollars.Source: Estimates Per Agrium and PotashCorp management.
Strong Line of Sight to Capture Synergies of ~$500 million
Slide #29
Category Description Value
Distribution & Retail
Integration / Optimization ~$150 million
Rail Fleet Optimization
• Own / lease 15,000+ railcars at an average annual cost of ~$115 million
• Shorter cycle times for nutrient shipments allow for rail car rationalization and a reduction in costs by approximately 20%
~$25M
Distribution and Warehouse
Optimization• Eliminate duplicate warehouse locations including $20 million of
Agrium leased warehouse costs ~$25M
Logistics Savings
• Improve and optimize servicing of customers by sourcing product closer to production facilities (product repatriation)
• Reduce freight costs tied to volume-based benefits
~$50M
Portfolio Integration
• Ability to optimize PotashCorp’s crop nutrient production through Agrium retail; access to expanded product offerings ~$25M
Product MixOptimization
• Utilize retail network to optimize nitrogen and phosphate product mix ~$25M
1
Note: Dollars in U.S. dollars.Source: Estimates Per Agrium and PotashCorp management.
Category Description Value
Production Optimization ~$125 million
Phosphate Integration
• Utilize PotashCorp’s excess P2O5 capacity at Aurora and White Springs to supply Agrium Redwater, eliminating higher-cost, third-party rock purchases (estimated cost reduction of $70 / MT on a rock equivalent basis)
~$80M
Potash Cost Efficiencies
• Operational planning efficiencies and savings derived from co-located assets, including improved mine planning, turnaround optimization and shift sequencing
• Expect to reduce cash fixed costs by ~10% or $4 / MT
~$45M
Procurement ~$100 million Procurement
• Optimize purchases on $1.4 billion of annual non-raw material supplies and $1.2 billion in annual sustaining capital spend
• Expect to reduce purchasing costs by ~4%~$100M
SG&A~$125 million
SG&A Optimization
• Eliminate duplicative public company costs (listing fees, audit costs, etc)
• Reduce discretionary, non-personnel G&A spending by $60 million
• Optimize headquarter functions
~$125M
Strong Line of Sight to Capture Synergies of ~$500 million
Slide #30
2
3
4
Note: Dollars in U.S. dollars.Source: Estimates Per Agrium and PotashCorp management.
Transaction Creates a World-Class Integrated Global Supplier of Crop Inputs
Slide #31
Note: Dollars in U.S. dollars.Source: Company filings and FactSet as of 08/29/16.(1) Assumes $500 million of annual operating synergies capitalized at a blended EV / 2017E EBITDA multiple of 10x, not including costs to achieve.
Highly synergistic merger of equals expected to unlock significant value for shareholders
Compelling Strategic Rationale: Combines world-class nutrient production assets and agricultural retail network to forge integrated platform with multiple paths for growth
Up to $5bn in Value Creation from Synergies(1): Transaction expected to produce ~$500 million of annual operating synergies within 24 months of closing (~20% value creation)
Enhanced Financial Flexibility: Strong pro forma balance sheet and enhanced cash flow to support growth initiatives and shareholder returns, including a robust dividend payout
Best-in-Class Leadership and Governance: Combined team has a wealth of industry experience to support transformational integration
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