Agrium expands controlled release business through Pursell acquisition
Agrium Inc. announced that it has entered into an agreement to acquire certain fixed assets and inventory of Pursell Technologies Inc. and certain of its affiliates (PTI) for a purchase price of $74.5-million (U.S.). The transaction is subject to regulatory approval. The PTI acquisition is expected to increase Agrium's sales and earnings in the growing and environmentally friendly specialty fertilizer business.
Agrium has pioneered the development of cost-effective controlled release fertilizer products for use in broad acre crop applications, and this transaction is expected to further support that effort. PTI is well known within the industry for coating technologies used in POLYON® polymer-coated fertilizers and TriKote® polymer/sulfur coated fertilizers, used in high value turf and ornamental applications. The combination of complementary Pursell and Agrium technologies and products is expected to reduce costs, expand output and enhance the quality and availability of Agrium's environmentally friendly polymer-coated controlled release fertilizer, ESN®, for broad acre crops. Agrium intends to combine the sales and earnings from the PTI acquisition with those of its other specialty fertilizer products into a new business segment.
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