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Nutrien announces agreement to purchase Brazilian Ag retailer Agrosema
Jan. 7, 2020
Nutrien Ltd
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CanadaNutrien Ltd. ("Nutrien") (NYSE, TSX: NTR) announced recently that it has entered into a definitive agreement to purchase 100 percent of the equity of Agrosema Comercial Agricola Ltda. ("Agrosema"). Agrosema is an important Ag retailer in the southern Brazil crop input market with over 30 years of experience. Their annual sales are approximately US$60 million across 12 farm centers with approximately 200 employees servicing thousands of farm customers.
"The Agrosema acquisition is an excellent fit as we continue to build our Ag retail business in the important and growing Brazilian agricultural market. We expect to continue to expand our operations in Brazil in the coming years, both through acquisition and expansion of product and service offerings", said Chuck Magro, President and CEO of Nutrien.
"Bringing Nutrien’s extensive products and solutions to the Brazilian farmer is a key goal for the company. We believe we can provide new product offerings and solutions to help Brazilian agricultural producers become more profitable and to grow their business," said André Dias, Vice President and Managing Director of Nutrien in Brazil.
Currently Nutrien Ag Solutions has two main operations in Brazil, with a central fertilizer blending facility in Itapetininga and six additional facilities in the states of São Paulo and Minas Gerais. Nutrien also owns Agrichem which produces specialty liquid fertilizers servicing the entire country.
This acquisition complements our current retail operations in Brazil and will create another market channel for our industry leading national products, produced by our Agrichem business located in Ribeirao Preto, São Paulo. The acquisition multiple was in line with similar sized tuck-in acquisitions in North America in recent years.
Closing of the transaction is subject to approval by the Administrative Council for Economic Defense (CADE) and the satisfaction of other customary closing conditions.
Source: business wire
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