Agrium Inc. (AGU, AGU.TO), a Canada-based provider of agricultural nutrients and industrial products, said it completed the acquisition of a 70% equity position in Belgium-based fertilizer distribution firm, Common Market Fertilizers SA. The company did not disclose the financial terms of the deal.
Common Market Fertilizers, employing 60 people in Europe, will continue to have Oscar Geyer as its Managing Director. Common Market Fertilizers has a customer-base of 1,500 across Europe and has annual sales revenues of about $600. The company operates through subsidiaries in France, Germany, Belgium, the UK, Italy and Bulgaria, and it also markets products in Spain, the Netherlands, Ireland, Greece, Denmark and South America.
Mike Wilson, Agrium's CEO, stated, "The acquisition of CMF provides us with important access to major distribution assets across Europe and is key to expanding our international sourcing and distribution business."
AGU ended Tuesday's trading at $96.18, down $1.56 or 1.60%, on a volume of about 6.42 million shares.
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