Agrium Inc. said Jan. 6 that it has entered into a definitive agreement to sell its Niota and Meredosia storage and distribution facilities in Illinois to subsidiaries of Trammo Inc. The sale price is approximately $50 million. The sale is related to the discontinuation of Agrium’s North American purchase for resale business, a decision that was made as part of Agrium’s recent portfolio review process. The transaction is subject to customary closing conditions, final purchase price adjustments and regulatory clearances and is anticipated to close by the first quarter of 2015.
"We are very pleased with the value received for the Niota and Meredosia assets. This is another step towards simplifying our portfolio and focusing on our core businesses which will drive long-term shareholder value," commented Chuck Magro, Agrium’s president and CEO.