Agrium buys Italian fertilizer distributor $ 27-million

Agrium buys Italian fertilizer distributor for $ 27-million

3:02 PM, 8th June 2011
Agrium buys Italian fertilizer distributor for $ 27-million

CALGARY, CANADA:  Agrium Inc has acquired CerealToscana S A in Italy and its subsidiary, Agroport, in Romania for a purchase price of $ 27 million plus working capital. The combined companies have a stable financial record with gross sales of approximately $ 200 million and an average EBITDA of $ 8 million over the past three years, before anticipated synergies.

 

CerealToscana and Agroport have 90,000 tonnes of storage with key distribution assets in Livorno and Ravenna, Italy and along the Danube in Romania. They sell an estimated 400,000 tonnes of fertilizer per year including commodity and specialty products.

 

“This acquisition is complementary to Agrium Europe’s existing fertilizer distribution business in Europe, significantly expanding our presence in Italy and providing an opportunity for entry into the growing Romanian agricultural market. This also allows Agrium to further leverage the value of our marketing off-take agreement of urea from our Egyptian nitrogen facility which is expected to commence in mid-2012,” said Mike Wilson, President & CEO, Agrium.

© WOC News

 

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