CALGARY, ALBERTA--(Marketwired - Jul 2, 2014) - ALL AMOUNTS ARE STATED IN U.S.$
Agrium Inc. (TSX:AGU)(NYSE:AGU) announced today that it has successfully completed the divestiture of its Turf and Ornamental business to Koch Agronomic Services, LLC, an affiliate of Koch Fertilizer, LLC, for approximately $94-million.
"We are pleased to have completed this important step in our ongoing portfolio review process as we work to deliver further shareholder value," commented Chuck Magro, Agrium's President and CEO.
Agrium Inc. is a major global crop input Retail supplier of agricultural products and services in North America, South America and Australia and a leading global Wholesale producer and marketer of all three major agricultural nutrients and the premier supplier of specialty fertilizers in North America. Agrium's strategy is to provide the crop inputs and services needed to feed a growing world. We focus on maximizing shareholder returns by driving continuous improvements to our base businesses, pursuing value-added growth opportunities across the crop input value chain and returning capital to shareholders.
About Turf & Ornamental
The Turf & Ornamental business provides slow and controlled release fertilizers to turf and horticulture markets across the United States and Canada.
Certain statements and other information included in this press release constitute "forward-looking information" within the meaning of applicable Canadian 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 and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although Agrium believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements, include, but are not limited to: general economic, market and business conditions, risks around the timing and financial gains or losses resulting from the sale of the Turf and Ornamental business and any potential financial gains or losses resulting from the operational improvement process, and other risk factors detailed from time to time in Agrium reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States.
Agrium disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information or future events, except as may be required under applicable U.S. federal securities laws or applicable Canadian securities legislation.