Agrium sells turf and ornamental business to Koch Agronomic for US$85 million

CALGARY – Agrium Inc. (TSX:AGU) said Friday that it has signed a deal to sell its turf and ornamental business to Koch Agronomic Services for US$85 million.

The turf and ornamental business, part of the former Agrium Advanced Technologies group, produces fertilizer for the turf and horticulture markets.

Agrium said the sale to the affiliate of Koch Fertilizer LLC follows a strategic review of the business and is expected to close in the second quarter of this year.

“We are very pleased with the value received for the turf and ornamental business and will continue to focus on optimizing our portfolio and product lines to generate additional value for our shareholders,” Agrium president and chief executive Chuck Magro said in a statement.

Agrium produces and sells fertilizer and other crop inputs in North America, South America and Australia.