Monday, fertilizer company Agrium, Inc. (AGU.TO, AGU) said that it has established 33 new retail outlets in Alberta and Saskatchewan, Canada, under the Crop Production Services, Inc. banner, through various transactions.
Agrium said that it has bought certain crop nutrient assets from five Engro franchise dealers and an existing joint venture, with 27 locations in southern and central Alberta and 6 locations in southern Saskatchewan.
The retail outlets have annual revenues of approximately $162 million.
Over the last six months, Agrium has acquired over 60 farm centers in the U.S. and Canada; with over $350 million in revenues. This includes the acquisition of 24 retail outlets from Agriliance in December 2009, and four other independent outlets in the U.S.
Mike Wilson, President and CEO, Agrium, said, "These acquisitions are an important part of our Retail growth strategy and are expected to be accretive to earnings in 2010. The purchase of these retail assets marks our entrance into the Canadian retail market and will enhance our ability to serve all our customers in these regions."
AGU is currently trading at $69.98, up $1.42 or 2.07%, on the NYSE and AGU.TO is trading at C$72.35, up C$1.65 or 2.33%, on the TSX.
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