Acron is facing serious problems
In view of the drop in the mineral fertilizer prices, Acron Group was forced to reduce its capital investment.
“At the end of the Q3, the pricing environment of the global fertilizer market began to suddenly deteriorate. In response to this, we made adjustments to the pace of our flexible investment program. Capital investments will be temporarily minimized until market conditions normalize. At the same time, the projects that have already begun the active phase of implementation will not be postponed. We are confident that the measures taken will help to curb the growth of the debt burden, while meeting the targets for both production and the volume of dividends,” said Alexander Popov, Chairman of the Board of Directors of Acron Group, whose words are quoted in the press release on the Acron Group’s financial results for the nine months of this year.
It is worth noting that the Acron Group’s net debt increased by 15% to $ 1.221 billion in January-September 2019.