[Alpha Biz=(Chicago) Reporter Kim Jisun] Chemical producer OCI said on the 18th (local time) it has agreed to sell its entire stake in Iowa Fertilizer Company (IFCO) to Koch AG & Energy Solutions for $3.6 billion.

OCI said in a statement that the deal is expected to be completed in 2024, adding that the proceeds will be used to drastically reduce debt.

As of Sept. 30, the company's net debt reached $2.3 billion.

 

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