Agrium (AGU) Acquires 24 Retail Props from Agriliance
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Agrium Inc. (NYSE: AGU)announced today it has further expanded its Retail operations in Texas and New Mexico with the acquisition of 24 retail outlets (18 farm centers and 6 satellites) from Agriliance.
Under the agreement, Agrium acquired the 24 retail outlets and associated working capital at these locations, as well as over 50,000 tons of fertilizer storage. The retail outlets are expected to have annual crop input revenues of approximately $150-million.
"We believe that this acquisition will be immediately accretive to earnings", said Mike Wilson, Agrium President and CEO. "We are committed to deliver on our strategic growth objectives of doubling the size of our Retail business, and this acquisition is a reaffirmation of that commitment. The purchase of these retail outlets will enhance our ability to serve customers in these states and we look forward to working with the farmers there."
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