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Cronus Fertilizers Announces New Shareholder to Advance Tuscola, Illinois Project

January 13, 2020 GMT

TUSCOLA, Ill.--(BUSINESS WIRE)--Jan 13, 2020--

Cronus Fertilizers announced today that Titan Chemicals Holding, an entity controlled by Keyman-Avunduk Investment Company AG (KAIC) has become the majority shareholder for its Tuscola, Illinois Ammonia project.

KAIC brings additional financial backing and industry experience to advance the planned facility. Upon completion, the Tuscola facility will be one of the largest of its kind in the United States.

Melih Keyman is the president, CEO and founder of KEYTRADE AG, founder of KAIC and a veteran of the fertilizer industry. Keyman also serves on the board of The Fertilizer Institute, is an Ambassador of the International Fertilizer Association and a trustee of Northwestern University. As an investor in the project, Keyman has also joined the board of Cronus Fertilizers as Chairman.

The Cronus Fertilizers facility in Tuscola will produce up to 2,300 metric tons of ammonia per day, giving regional farmers access to locally produced ammonia and largely eliminating the need for imported products. The facility will be a major new source of ammonia for the agricultural industries of the Midwest Corn Belt. Cronus previously announced an updated plant design that focuses on ammonia and on-site delivery.

Cronus has announced an agreement with Thyssenkrupp Industrial Solutions (TKIS), one of the world’s leading fertilizer plant technology and construction companies, to serve as the engineering, procurement and construction (EPC) contractor for the project. TKIS executed a fixed price lump-sum turnkey (LSTK) contract with Cronus to build the facility.

The Illinois Environmental Protection Agency approved permitting for the project’s original design. Cronus reapplied to IEPA for an air permit for the revised project design in November, 2019.

The plant is expected to provide a significant boost to the economy in the form of construction jobs, long-term positions and spending activity. Cronus will announce updates to the project timeline as the development process advances.

About Cronus Fertilizers

Cronus Fertilizers is a project of Cronus Chemicals, LLC. Cronus Fertilizers works to provide high-quality, locally produced fertilizers for Midwestern farmers, while reducing reliance on imported nitrogen products. Cronus Chemicals, LLC was formed by a highly accomplished team of executives with decades of experience in the development, manufacturing and marketing of fertilizer products. www.cronuschem.com.

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CONTACT: Peter Gray, Aileron Communications




SOURCE: Cronus Fertilizers

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PUB: 01/13/2020 07:00 AM/DISC: 01/13/2020 07:01 AM