-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, SNbe/d1cd+xwX0DF5ci7E7T4KScqOuvHwGWoWSomr8gsdqlCM5NiQ5oWb/dj9TLQ wkz1S9GTSNxZZLOx25v1cw== 0000950131-94-001935.txt : 19941220 0000950131-94-001935.hdr.sgml : 19941220 ACCESSION NUMBER: 0000950131-94-001935 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19941213 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Other events FILED AS OF DATE: 19941219 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERRA INDUSTRIES INC CENTRAL INDEX KEY: 0000722079 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 521145429 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08520 FILM NUMBER: 94565281 BUSINESS ADDRESS: STREET 1: TERRA CENTRE 600 4TH ST STREET 2: P.O. BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 BUSINESS PHONE: 7122771340 MAIL ADDRESS: STREET 1: TERRA CENTER STREET 2: 600 4TH ST P O BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 FORMER COMPANY: FORMER CONFORMED NAME: INSPIRATION RESOURCES CORP DATE OF NAME CHANGE: 19920517 8-K 1 FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 13, 1994 TERRA INDUSTRIES INC. (Exact name of registrant as specified in its charter) MARYLAND 1-8520 52-1145429 (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification No.) TERRA CENTRE 600 FOURTH STREET P.O. BOX 6000 SIOUX CITY, IOWA 51102-6000 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (712) 277-1340 ----------------------------------------------- ================================================================================ ITEM 2. Disposition of Assets. ---------------------- On December 13 and 14, 1994, Terra Industries Inc. issued press releases contained in Exhibits 1-3 hereto, which are incorporated by reference herein. ITEM 5. Other Events. ------------ On December 13 and 14, 1994, Terra Industries Inc. issued press releases contained in Exhibits 1-3 hereto, which are incorporated by reference herein. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TERRA INDUSTRIES INC. By: /S/ GEORGE H. VALENTINE ------------------------------- George H. Valentine Vice President, General Counsel and Corporate Secretary Date: December 19, 1994 EX-99.1 2 EXHIBIT 99.1 [TERRA LETTERHEAD] EXHIBIT 1 - -------------------------------------------------------------------------------- News Release - -------------------------------------------------------------------------------- For Immediate Release Contact: Paula C. Norton (712) 277-5438 EXPLOSION OCCURS AT TERRA INDUSTRIES' PORT NEAL AMMONIA PLANT Sioux City, Iowa (December 13, 1994)--Terra Industries Inc. (NYSE symbol: TRA) announced that at approximately 6:00 A.M. today a major explosion occurred at one of its five nitrogen fertilizer production plants. The affected facility is located in Port Neal, Iowa, about 16 miles south of Sioux City. Five fatalities and a dozen injuries have been confirmed. Terra's President and CEO, Burton Joyce, said, "We are most concerned about our employees and their families; our initial efforts are directed to helping them. Secondly, we are cooperating with local emergency teams to contain the situation so that we can begin a thorough investigation concerning the cause and extent of damages which are not known at this time." Additional details will be released as they become available. This explosion has no effect on the business operations of Terra Nitrogen Company, L.P. Terra Industries is a leading marketer and producer of nitrogen-based plant nutrients, crop protection products, seed and services for agricultural, turf, ornamental and other growers. Terra also produces nitrogen products and methanol for industrial customers. ### EX-99.2 3 EXHIBIT 99.2 [TERRA LETTERHEAD] EXHIBIT 2 - -------------------------------------------------------------------------------- News Release - -------------------------------------------------------------------------------- For Immediate Release Contact: Paula C. Norton (712) 277-5438 TERRA INDUSTRIES--UPDATE ON PLANT EXPLOSION Sioux City, Iowa (December 13, 1994, 2:00 p.m. CST)--Terra Industries (NYSE symbol: TRA) currently believes that this morning's explosion occurred in the ammonium nitrate area of its Port Neal, Iowa plant. The cause has not been determined. However, the explosion resulted in metal fragments puncturing one of two 15,000-ton refrigerated ammonia storage tanks. The spilled ammonia liquid was contained within the facility's storage tank dike and evaporating ammonia vapors are being released to the atmosphere. It is estimated that 5,700 tons of ammonia were in the punctured tank. No estimate of release volume is possible at this time. Terra employees and local emergency response personnel are evaluating options to stop the on-going vapor release. In addition, metal fragments punctured a near-by nitric acid tank, causing a spill of up to 100 tons of 56% nitric acid. The facility's wastewater discharge system was blocked in to ensure there were no releases to groundwater. Local emergency response agencies are monitoring ammonia concentrations away from the plant. At this time, as a safety precaution they are evacuating people within a three-to-four mile radius of the plant. The local agencies state there is no health hazard posed to anyone beyond this limit, although ammonia odors may be detected farther away. Additional details will be released as they become available. ### EX-99.3 4 EXHIBIT 99.3 [TERRA LETTERHEAD] EXHIBIT 3 - -------------------------------------------------------------------------------- News Release - -------------------------------------------------------------------------------- For Immediate Release Contact: Paula C. Norton (712) 277-5438 TERRA INDUSTRIES' INITIAL ASSESSMENT OF IMPACT OF PORT NEAL EXPLOSION Sioux City, Iowa (December 14, 1994)--Terra Industries Inc. (NYSE symbol: TRA) announced today that it believes insurance coverages are adequate to protect the company from adverse material consequences of yesterday's explosion at its Port Neal, Iowa nitrogen fertilizer production plant. Terra anticipates recovering most of lost profits through its business interruption insurance coverage. Additionally, its property damage policy will enable the company to rebuild the plant. Terra expects to provide reserves during the fourth quarter of approximately $5 million to cover insurance deductibles and other uninsured costs related to the explosion. The Port Neal facility contributed an estimated $12 million ($.17 per share) to 1993 net income and $11 million ($.15 per share) for the first nine months of 1994. On a pro forma basis, Terra's total earnings (including those derived from Agricultural Minerals and Chemicals which was acquired on October 20, 1994) would have been $.97 per share. Port Neal accounts for 15% of Terra's total nitrogen fertilizer production, pro forma the acquisition. Burton M. Joyce, Terra's President and CEO, commented, "It will be a few weeks before the company will know the length of time during which the plant will be out of service. However, we do not expect it to be operating prior to the 1995 planting season." Joyce commented that Terra does not believe the plant outage will affect the supply of fertilizer to its grower customers, who receive their fertilizer from Terra through its purchases from other fertilizer manufacturers. The company is currently exploring options for obtaining supplies for dealer customers normally serviced from the Port Neal plant. This may entail shipment from other Terra plants or purchases on the open market. The company anticipates it will be some time before it will have any indication concerning the cause of the explosion or accurate assessments of rebuilding costs. ### -----END PRIVACY-ENHANCED MESSAGE-----