Agrium AGU announced today that it has entered into a
definitive agreement with Koch Agronomic Services, LLC, an affiliate of Koch
Fertilizer, LLC, to sell its Turf and Ornamental business for approximately
$85-million including working capital. As previously reported, this
transaction is part of a strategic review process completed in 2013 with
regards to the discontinued operations of the former Agrium Advanced
Technologies ("AAT") business unit. The transaction is subject to customary
closing conditions, final purchase price adjustments and regulatory
clearances and the sale is anticipated to close in the second quarter of
2014.
"We are very pleased with the value received for the Turf and Ornamental
business and will continue to focus on optimizing our portfolio and product
lines to generate additional value for our shareholders," commented Chuck
Magro, Agrium's President and CEO.
About Agrium
Agrium Inc. is a major global crop input Retail supplier of agricultural
products and services in North America, South America and Australia and a
leading global Wholesale producer and marketer of all three major
agricultural nutrients and the premier supplier of specialty fertilizers in
North America. Agrium's strategy is to provide the crop inputs and services
needed to feed a growing world. We focus on maximizing shareholder returns
by driving continuous improvements to our base businesses, pursuing
value-added growth opportunities across the crop input value chain and
returning capital to shareholders.
About Turf & Ornamental
The Turf & Ornamental business provides slow and controlled release
fertilizers to turf and horticulture markets across the United States and
Canada.
Forward-Looking Statements
Certain statements and other information included in this press release
constitute "forward-looking information" within the meaning of applicable
Canadian securities legislation or constitute "forward-looking statements"
within the meaning of applicable U.S. securities legislation (collectively,
the "forward-looking statements"). All statements in this press release,
other than those relating to historical information or current conditions,
are forward-looking statements.
These forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond our control, which could cause
actual results to differ materially from such forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that
are stated or inherent in such forward-looking statements, including the
assumptions listed below. Although Agrium believes that these assumptions
are reasonable, this list is not exhaustive of the factors that may affect
any of the forward-looking statements and the reader should not place an
undue reliance on these assumptions and such forward-looking statements.
Events or circumstances that could cause actual results to differ materially
from those in the forward-looking statements, include, but are not limited
to: general economic, market and business conditions, risks around the
closing of the sale of the Turf and Ornamental business, including
regulatory approvals, timing and financial gains or losses resulting from
the sale, the potential divestiture of the Direct Solutions business and any
potential financial gains or losses resulting from the completion of the
strategic review process, and other risk factors detailed from time to time
in Agrium reports filed with the Canadian securities regulators and the
Securities and Exchange Commission in the United States.
Agrium disclaims any intention or obligation to update or revise any
forward-looking statements in this press release as a result of new
information or future events, except as may be required under applicable
U.S. federal securities laws or applicable Canadian securities legislation.
Investor/Media Relations:
Agrium Inc.
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
Agrium Inc.
Todd Coakwell
Director, Investor Relations
(403) 225-7437
Agrium Inc.
Louis Brown
Analyst, Investor Relations
(403) 225-7761
www.agrium.com
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsAsset Sales
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in