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Agrium acquires controlling interest in Agricen
Aug. 27, 2014
Nutrien Ltd
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CanadaCalgary-based Agrium Inc. has acquired a controlling interest in American agricultural biotechnology company Agricen.
Under the terms of the deal, completed through Agrium subsidiary Loveland Products, Agricen - which manufactures two of Loveland's plant nutrition brands (Accomplish LM and Titan PBA) - will operate as a Loveland Products subsidiary under its existing name. Loveland Products has also acquired an interest in Agricen's sister company, Agricen Sciences, an applied sciences research company developing novel microbial and biochemical solutions for plant health and nutrition.
Financial terms of the deal were not disclosed. The deal will see Loveland Products vice-president Brent Smith become chairman of Agricen.
"These strategic investments are the initial steps in the extension of our long-term strategy for the discovery and commercialization of next-generation technologies that enhance plant health and improve crop productivity," Smith said. "We have a long history of working with Agricen and Agricen Sciences, so this is a natural place to begin a new, concerted effort to deliver innovative and sustainable plant health technologies that complement conventional growing practices around the world."
Loveland and Dallas-area Agricen struck a strategic partnership agreement in 2012 that gave Loveland an ownership position in Agricen.
Source: Agrium
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