SIOUX CITY, Iowa, Aug. 9 /PRNewswire/ -- Terra Industries Inc. (NYSE: TRA)
announced today that it has settled its pending litigation with Mississippi
Chemical Corporation (MCC) arising out of the December 13, 1994 explosion at
Terra's fertilizer plant in Port Neal, Iowa. Under the terms of the
settlement, Terra and its five property insurers will dismiss all of their
claims against MCC, and MCC has rights to $18 million in settlement of MCC's
counterclaims. The settlement will be funded by Terra's liability insurance
rights and will have no financial impact on the Company.
Burton M. Joyce, President and Chief Executive Officer of Terra, said, "We
would have liked to try this case but felt it was in the best interest of our
stockholders to put this tragedy finally behind us."
Terra Industries Inc., with 1999 revenues of $775 million, is a leading
international producer of nitrogen products and methanol.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com and by fax at no charge by calling
800-758-5804, code 437906.
SOURCE Terra Industries Inc.
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html or fax,
800-758-5804, ext. 437906
CONTACT:
Mark Rosenbury of Terra Industries Inc.,
712-279-8756
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