Agrium Enters Agreement to Sell Turf and Ornamental Business to Koch Agronomic Services for $85M

Benzinga

Agrium (NYSE: AGU) announced today that it has entered into adefinitive agreement with Koch Agronomic Services, LLC, an affiliate of KochFertilizer, LLC, to sell its Turf and Ornamental business for approximately$85-million including working capital. As previously reported, thistransaction is part of a strategic review process completed in 2013 withregards to the discontinued operations of the former Agrium AdvancedTechnologies ("AAT") business unit. The transaction is subject to customaryclosing conditions, final purchase price adjustments and regulatoryclearances and the sale is anticipated to close in the second quarter of2014. "We are very pleased with the value received for the Turf and Ornamentalbusiness and will continue to focus on optimizing our portfolio and productlines to generate additional value for our shareholders," commented ChuckMagro, Agrium's President and CEO. About Agrium Agrium Inc. is a major global crop input Retail supplier of agriculturalproducts and services in North America, South America and Australia and aleading global Wholesale producer and marketer of all three majoragricultural nutrients and the premier supplier of specialty fertilizers inNorth America. Agrium's strategy is to provide the crop inputs and servicesneeded to feed a growing world. We focus on maximizing shareholder returnsby driving continuous improvements to our base businesses, pursuingvalue-added growth opportunities across the crop input value chain andreturning capital to shareholders. About Turf & Ornamental The Turf & Ornamental business provides slow and controlled releasefertilizers to turf and horticulture markets across the United States andCanada. Forward-Looking Statements Certain statements and other information included in this press releaseconstitute "forward-looking information" within the meaning of applicableCanadian 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 anduncertainties, many of which are beyond our control, which could causeactual results to differ materially from such forward-looking statements.All of the forward-looking statements are qualified by the assumptions thatare stated or inherent in such forward-looking statements, including theassumptions listed below. Although Agrium believes that these assumptionsare reasonable, this list is not exhaustive of the factors that may affectany of the forward-looking statements and the reader should not place anundue reliance on these assumptions and such forward-looking statements. Events or circumstances that could cause actual results to differ materiallyfrom those in the forward-looking statements, include, but are not limitedto: general economic, market and business conditions, risks around theclosing of the sale of the Turf and Ornamental business, includingregulatory approvals, timing and financial gains or losses resulting fromthe sale, the potential divestiture of the Direct Solutions business and anypotential financial gains or losses resulting from the completion of thestrategic review process, and other risk factors detailed from time to timein Agrium reports filed with the Canadian securities regulators and theSecurities and Exchange Commission in the United States. Agrium disclaims any intention or obligation to update or revise anyforward-looking statements in this press release as a result of newinformation or future events, except as may be required under applicableU.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

Related Links

View Comments (0)