Saskatchewan premier says PotashCorp cuts sacrificed workers for shareholders - InfoNews

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Saskatchewan premier says PotashCorp cuts sacrificed workers for shareholders

A carved out shaft deep in a potash mine is shown in this 2007 photo in Rocanville, Sask. THE CANADIAN PRESS/Troy Fleece
December 05, 2013 - 11:41 AM

REGINA - Premier Brad Wall has sent a letter to Potash Corp. of Saskatchewan (TSX:POT) management blasting them for cutting jobs while preserving the dividend paid to shareholders.

Wall says tough times shouldn't be shouldered by workers alone.

The Saskatoon-based company said Tuesday that it is cutting its workforce by about 18 per cent, laying off 1,045 people, with the biggest hits in its home province of Saskatchewan.

But Wall is upset because PotashCorp CEO Bill Doyle said the fertilizer company's dividend is "sacrosanct" and won't be touched.

In the letter to PotashCorp chairman Dallas Howe, Wall says the interests of shareholders were protected while the interests of employees were sacrificed.

PotashCorp says the decision to make cuts stems from soft demand for potash and phosphates, two major types of crop fertilizer.

News from © The Canadian Press, 2013
The Canadian Press

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