Agrium Inc. reports that it has begun the process to divest part of its former Advanced Technology unit, specifically its Turf and Ornamental and Direct Solutions businesses. Agrium has reported earlier that it was weighing its options for these businesses, with divestment a possibility. As earlier reported, Agrium has opted to keep its Environmentally Smart Nitrogen (ESN) and Micronutrient businesses, also former Advanced Tech businesses, and put them within its Wholesale unit.
Agrium says it is highly probably that Turf and Ornamental and Direct Solutions will be sold this year. For now, they are labeled as held for sale. Additionally, Agrium recorded the assets at fair value less costs to sell which resulted in a $60 million post-tax write-down within discontinued operations primarily related to goodwill.