CF Industries

CF Industries Holdings, Inc. is a United States-based manufacturer and distributor of nitrogen fertilizers and related industrial chemicals. Its principal products include ammonia, urea, urea ammonium nitrate, ammonium nitrate, nitric acid, and other nitrogen-based materials used in agriculture and industry. The company is headquartered in Northbrook, Illinois, and operates through CF Industries, Inc., its primary operating subsidiary. The business traces its origins to 1946, when it was established as Central Farmers Fertilizer Company. It began as a federation of regional agricultural supply cooperatives, giving agricultural retailers and farmers a collective role in fertilizer procurement and distribution. The organization adopted the CF Industries name in 1971. For more than five decades it retained a cooperative structure, before demutualizing in 2002. CF Industries completed its initial public offering in 2005 and has traded publicly under the ticker CF. Its shares have been included in the S&P 500 since 2008. CF Industries is focused primarily on nitrogen rather than operating as a broad, diversified fertilizer company. Nitrogen fertilizers are produced from ammonia, which in turn requires natural gas or other hydrogen sources as a feedstock. This gives the company a cost structure and competitive position closely linked to natural-gas prices, plant efficiency, regional energy markets, agricultural demand, crop economics, and global fertilizer trade. Its large manufacturing footprint includes nine production complexes and 17 ammonia plants, with the Donaldsonville, Louisiana, complex representing the company’s largest manufacturing site. The company expanded substantially through acquisitions and portfolio changes. In 2010 it acquired Terra Industries after a contested period involving competing approaches from Agrium and Yara International. The transaction added multiple North American production complexes, a 50% interest in a Trinidad and Tobago joint venture, and a 50% interest in the GrowHow joint venture in the United Kingdom. CF Industries later acquired the remaining GrowHow interest from Yara in 2015. In a separate portfolio transaction, it sold its phosphate business to The Mosaic Company in 2013 for cash, reinforcing its strategic concentration on nitrogen products. CF Industries also explored a large combination with OCI N.V. in 2015. The proposed transaction would have combined CF’s business with OCI’s European, North American, and global distribution operations and would have created a United Kingdom-domiciled company using the CF Industries name. The transaction was terminated in 2016. This decision left CF Industries focused on its existing nitrogen manufacturing and distribution platform. The company’s international operations have also exposed it to energy-price and supply-chain risks. In September 2021, CF Industries halted production at two United Kingdom complexes after a sharp increase in natural-gas prices. Because ammonia production at the sites generated food-grade carbon dioxide as a by-product, the shutdown threatened supplies of carbon dioxide used by the beverage, food-packaging, meat-processing, and related sectors. A short-term arrangement with the United Kingdom government supported the restart of the Billingham facility. In June 2022, CF Industries permanently closed its Ince fertilizer plant in Cheshire, citing continuing economic pressure from high gas prices and environmental taxes. Today, CF Industries presents itself as a large-scale nitrogen producer serving agricultural and industrial customers. Its positioning rests on manufacturing scale, access to feedstocks and transportation infrastructure, production reliability, and the role of nitrogen in crop nutrition. The company has also discussed lower-carbon ammonia and hydrogen-related opportunities as potential areas for long-term development, although specific projects, financial outcomes, and executive details are not inclu…

CF Industries was formed in 1946 as Central Farmers Fertilizer Company. Its original structure was unusual for a large industrial enterprise: it functioned as a federation of regional agricultural supply cooperatives. The organization was designed to support the fertilizer needs of agricultural retailers and farmers by coordinating procurement, manufacturing, and distribution. In 1971 it adopted the CF Industries name. For its first 56 years, CF Industries remained associated with the cooperative model. In 2002 it demutualized, converting from a cooperative federation into a conventional investor-owned corporation. The company followed that transformation with an initial public offering in 2005. Its common stock trades on the New York Stock Exchange under the symbol CF, and the shares were added to the S&P 500 index in 2008. The company’s modern expansion accelerated with the acquisition of Terra Industries in April 2010. The transaction followed prolonged negotiations and competing interest from Agrium in CF Industries and from Yara International in Terra. Terra added five production complexes in North America, a 50% interest in a Point Lisas, Trinidad, joint venture, and a 50% interest in the GrowHow joint venture in the United Kingdom. The acquisition enlarged CF’s manufacturing and distribution network and strengthened its position in nitrogen fertilizers. CF Industries subsequently narrowed its portfolio. In 2013, The Mosaic Company agreed to purchase CF Industries’ phosphate business for $1.4 billion in cash. The divestiture reduced the company’s exposure to phosphate and emphasized its strategic focus on nitrogen products. In 2015, CF Industries agreed to acquire Yara International’s remaining 50% interest in GrowHow for $580 million, giving CF full ownership of that joint venture. Also in 2015, CF Industries announced a proposed approximately $8 billion combination with OCI N.V.’s European, North American, and global distribution businesses. The plan called for a combined company domiciled in the United Kingdom and operating under the CF Industries name. The transaction was ultimately terminated in May 2016, leaving CF Industries as an independent nitrogen-focused producer. CF Industries operates large ammonia and fertilizer manufacturing complexes. Its network is described as comprising nine manufacturing complexes and 17 ammonia plants, with Donaldsonville, Louisiana, as its largest ammonia production site. The business is sensitive to natural-gas markets because gas is a major input into conventional ammonia production. Changes in feedstock prices can therefore affect production economics, plant utilization, and the viability of facilities in different regions. This exposure became particularly visible in the United Kingdom in 2021. In September, CF Industries halted operations at two United Kingdom complexes after natural-gas prices rose sharply. The shutdown created concern over food-grade carbon dioxide supplies, since carbon dioxide generated during ammonia production was used by sectors including beverages, food packaging, and meat processing. The company’s United Kingdom facilities had supplied a substantial share of the country’s food-grade carbon dioxide. The United Kingdom government subsequently arranged limited short-term financial support to facilitate the restart of the Billingham plant and its carbon dioxide output. The pressure on the United Kingdom business continued. In June 2022, CF Industries permanently closed its Ince fertilizer factory in Cheshire, with continuing high gas costs and environmental taxes cited as important factors. The episode illustrated the interaction between fertilizer manufacturing, energy security, industrial policy, and food-sector supply chains. CF Industries now operates as a publicly traded, nitrogen-centered chemicals and fertilizer company. Its core activities include ammonia production, manufacture of urea and ammonium nitrate products, distribution, and service to agricultural and industrial customers. Its competitive identity is based on scale, integrated production, logistics, and access to major agricultural markets. The company’s future development is also connected to efforts across the fertilizer industry to reduce the carbon intensity of ammonia and develop lower-carbon hydrogen and ammonia pathways, although detailed current project information is not included in the supplied reference material.

1. 2022Ince plant closes permanently

   CF Industries permanently closes its Ince fertilizer plant in Cheshire amid continuing energy and environmental-cost pressures.

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2. 2021United Kingdom production halt

   High natural-gas prices lead CF Industries to halt operations at two United Kingdom complexes, affecting potential carbon dioxide supplies.

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3. 2016OCI combination is terminated

   CF Industries ends its proposed combination with OCI’s European, North American, and global distribution businesses.

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4. 2015GrowHow ownership expansion

   CF Industries announces the acquisition of Yara International’s remaining interest in GrowHow.

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5. 2013Phosphate business divestiture

   The Mosaic Company agrees to acquire CF Industries’ phosphate business for cash.

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6. 2010Terra Industries acquisition

   CF Industries acquires Terra Industries, adding production complexes and joint-venture interests in North America, Trinidad, and the United Kingdom.

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7. 2008Shares enter the S&P 500

   CF Industries shares are included in the S&P 500 index.

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8. 2005Initial public offering

   CF Industries becomes a publicly traded company through an initial public offering.

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9. 2002CF Industries demutualizes

   The cooperative federation converts to an investor-owned corporate structure.

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10. 1971The company adopts the CF Industries name

    Central Farmers Fertilizer Company is renamed CF Industries.

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11. 1946Central Farmers Fertilizer Company is established

    The organization is founded as a federation of regional agricultural supply cooperatives.

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A large-scale nitrogen fertilizer manufacturer emphasizing production scale, integrated ammonia operations, agricultural distribution, and supply reliability.

• AmmoniaNitrogen fertilizer and industrial chemical

  Ammonia is CF Industries’ foundational nitrogen product and an important intermediate for manufacturing downstream fertilizers. It is sold for agricultural use and supports the production of urea, ammonium nitrate, nitric acid, and other nitrogen compounds. Conventional ammonia production is energy intensive and depends substantially on natural-gas economics, making plant efficiency, feedstock access, and regional energy prices central to the product’s competitiveness.

• UreaNitrogen fertilizer

  Urea is a concentrated solid nitrogen fertilizer used by farmers and agricultural distributors across major crop markets. It is valued for its high nitrogen content and transportability and can be applied directly or incorporated into fertilizer blends. CF Industries manufactures and distributes urea as one of its principal agricultural offerings, with demand influenced by cropping patterns, farm economics, weather, and global fertilizer prices.

• Urea ammonium nitrateLiquid nitrogen fertilizer

  Urea ammonium nitrate is a liquid nitrogen fertilizer produced by combining urea and ammonium nitrate. It is used in row-crop agriculture and can be applied through specialized farm equipment or incorporated into nutrient programs. The product gives agricultural customers a flexible liquid source of nitrogen and forms part of CF Industries’ broader portfolio of nitrogen fertilizer products.

• Ammonium nitrateNitrogen fertilizer

  Ammonium nitrate is a nitrogen fertilizer manufactured from ammonia and nitric acid. It provides readily available nitrogen for crop production and is distributed through agricultural supply channels. Because the product is subject to safety, storage, transportation, and regulatory requirements in many jurisdictions, its manufacture and sale require controlled industrial processes and compliance systems.

• Nitric acidIndustrial chemical

  Nitric acid is an industrial nitrogen chemical and an intermediate used in the manufacture of ammonium nitrate and other products. Its production is integrated with ammonia operations at nitrogen manufacturing complexes. In addition to fertilizer-related applications, nitric acid can serve industrial customers requiring nitrogen-based chemical inputs.

• 2022Permanent closure of Ince facilityStrategy

  Continuing high natural-gas prices and environmental taxes placed sustained economic pressure on the Ince fertilizer plant in Cheshire.

  What changed. CF Industries permanently shut the Ince facility.

  Aftermath. The closure reduced CF Industries’ United Kingdom manufacturing footprint and highlighted the sensitivity of nitrogen production to energy and regulatory costs.

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• 2021United Kingdom production suspensionStrategy

  A sharp increase in natural-gas prices made ammonia and fertilizer production at two United Kingdom complexes economically difficult.

  What changed. CF Industries halted operations at the two sites. Following government support, the Billingham facility was restarted on a short-term basis.

  Aftermath. The shutdown raised concerns about food-grade carbon dioxide supplies, while the Ince plant was later permanently closed in 2022.

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• 2015Proposed combination with OCI businessesM&A

  CF Industries sought to expand its global fertilizer and distribution footprint through a combination with selected OCI businesses.

  What changed. The companies announced a proposed approximately $8 billion combination involving OCI’s European, North American, and global distribution businesses.

  Aftermath. CF Industries terminated the proposed transaction in 2016 and continued as an independent nitrogen-focused company.

  Proposed transaction value. Approximately $8 billion (2015)

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• 2013Divestiture of phosphate operationsM&A

  CF Industries operated both nitrogen and phosphate businesses, but its strategic direction increasingly emphasized nitrogen fertilizers.

  What changed. The company agreed to sell its phosphate business to The Mosaic Company for $1.4 billion in cash.

  Aftermath. The transaction reduced portfolio breadth and reinforced CF Industries’ focus on nitrogen products.

  Transaction value. $1.4 billion cash consideration (2013)

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• 2022CF Industries permanently closes Ince fertilizer plant

  CF Industries permanently shut its Ince facility in Cheshire after continuing high gas prices and environmental taxes made the plant uneconomic to operate.

  OtherRegulation
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• 2021CF Industries halts production at two United Kingdom complexes

  The company suspended operations at its two United Kingdom production complexes in response to high natural-gas prices. The decision raised concerns about food-grade carbon dioxide availability because the gas is produced as a by-product of ammonia manufacturing.

  OtherRegulation
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• 2021United Kingdom provides short-term support for Billingham restart

  The United Kingdom government announced a limited three-week financial-support arrangement intended to help CF Industries restart the Billingham plant and restore carbon dioxide production.

  RegulationOther
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• 2016CF Industries terminates proposed OCI combination

  CF Industries ended the proposed combination with OCI’s European, North American, and global distribution businesses.

  M&A
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• 2015CF Industries agrees to acquire the remaining GrowHow interest

  CF Industries announced an agreement to purchase Yara International’s remaining 50% interest in the GrowHow joint venture for $580 million.

  M&A
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• 2015CF Industries announces proposed combination with OCI businesses

  CF Industries proposed an approximately $8 billion combination with OCI’s European, North American, and global distribution businesses. The proposed combined company would have been domiciled in the United Kingdom and retained the CF Industries name.

  M&A
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• 2013CF Industries sells phosphate business to The Mosaic Company

  The Mosaic Company agreed to purchase CF Industries’ phosphate business for $1.4 billion in cash, supporting CF’s concentration on nitrogen fertilizers.

  M&A
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• 2010CF Industries completes acquisition of Terra Industries

  CF Industries acquired Terra Industries after competing approaches involving other fertilizer companies. The transaction expanded CF’s North American manufacturing base and added interests in fertilizer-related joint ventures in Trinidad and the United Kingdom.

  M&A
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1. CF Industries
2. CF Industries official website