Agrium concludes Pursell acquisition, further enhancing Specialty Business
Agrium Inc. has concluded the purchase of 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.). Agrium has received regulatory approval for the PTI acquisition.
"We believe that our combined technological expertise in polymer coating will further enhance our strong position in controlled release fertilizer products and make ESN available more quickly, to more markets, at a lower cost," said Mike Wilson, Agrium President and CEO. ESN (R) is Agrium's environmentally friendly, polymer-coated fertilizer targeted to commodity agriculture.
The PTI assets, Nu-Gro and Agrium's pre-existing specialty products will be combined to create a new Specialty Products Business Unit to optimize the stable and growing earnings from this segment. The acquired assets will be operated under the name Agrium U.S. Specialty Products.
In addition, Agrium has purchased patented technology for emerging non-fertilizer controlled release products, such as specific crop protection products, for the consideration of $12.5-million plus contingent payments based on a percentage of future sales.
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