Agrium Concludes Acquisition of European Distribution Network
Agrium Inc. (TSX and NYSE: AGU) announced today that it has successfully concluded the purchase of a 70 percent equity position in Common Market Fertilizers S.A. (“CMF”), one of Western Europe’s largest fertilizer distribution companies.
CMF has developed a large base of 1,500 customers, including retailers and cooperatives, across Europe over the past 24 years and has annual sales revenues of about $600-million and crop nutrient sales volumes of 2 to 2.5 million tonnes. It 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. CMF owns and leases over 300,000 tonnes of dry and liquid storage at both port and inland sites across much of Europe.
“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,” said Mike Wilson, Agrium President and CEO.
CMF’s head office is located in Brussels, Belgium, and CMF currently has 60 employees across Europe. Oscar Geyer will remain as Managing Director of CMF, and he will continue to hold an equity position in the company.
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