| Agrium buys specialty U.S. fertilizer business |
Tue Jun 20, 2006 12:03pm ET
CALGARY, Alberta, June 20 (Reuters) - Agrium Inc. will buy privately held Pursell Technologies Inc. for $74.5 million to expand its controlled-release crop fertilizer line, Canada's No. 2 fertilizer producer said on Tuesday.
Agrium said the acquisition of Sylacauga, Alabama-based Pursell should boost its sales and earnings, while helping it cut costs in its growing specialty fertilizer business.
The deal is subject to regulatory approval.
Agrium said it planned to combine its controlled-release line with the Pursell products in a new business segment.
The company also bought patented technology for non-fertilizer polymer coated products for $12.5 million plus contingent payments based on future sales, it said.
Agrium shares were up 5 Canadian cents at C$23.97 in midday trading on the Toronto Stock Exchange.
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