Pinnacle Operating Corp., Loveland, Colo., has named Robert Marchbank as its new president and CEO. He will lead Pinnacle’s agriculture retail and wholesale distribution businesses across 27 states. Prior to joining Pinnacle, Marchbank was CEO of ProBuild Holdings Inc., which, prior to its acquisition by Builders FirstSource Inc., was one of the nation’s largest professional building materials suppliers. At the time of its acquisition by Builders FirstSource, ProBuild had revenues of approximately $4.5 billion, over 400 locations, and more than 10,000 associates in 40 states. Prior to ProBuild, Marchbank served as the CEO of Wolseley plc’s European operations, where he ran multiple business operations across 19 countries.

Marchbank received his bachelor’s degree in government from The College of William and Mary.

Marchbank succeeds Kenny Cordell who is transitioning into a role on Pinnacle’s board of directors.

Bibby Line Ltd., the owners of the MV Cheshire, which reported a fire onboard the fertilizer-laden vessel in August, says that the vessel is now being towed to Portugal or Spain. No gas releases have been observed from the vessel since Aug. 25 and the company says there is no risk of pollution either from bunkers or from the cargo.

As of Sept. 2, the vessel was approximately 18 nautical miles off the south coast of the Canary Islands, being towed by the Red Sea Fos. It expects to reach its destination within eight days. The company said it is seeking a destination where it will be possible to unload and store the remaining cargo residue at the port and inspect the ship with a view to carrying out repairs. It said that it had been advised that the Canary Islands do not have a facility for the unloading and treatment of the cargo.

Specialty product manufacturer Brandt, Springfield, Ill., reports that it has signed a distribution agreement with SiteOne Landscape Supply, Roswell, Ga. The agreement includes all Brandt and Brandt iHammer turf and ornamental products. They will be available through all SiteOne locations.

SiteOne is the largest landscape supply distributor in North America and currently has over 450 branches serving the landscape, nursery, golf and sports turf markets. Brandt says this is its first national distribution agreement that covers the U.S. and Canada and the company said it will significantly expand the reach of Brandt products into new geographies.

Indian Potash Ltd. called a tender over the weekend for an unspecified amount of urea. The tender closes Sept. 8 with a ship-by date of Oct. 23.

The call matches what industry sources have speculated last week. By allowing shipping to take place in late October, IPL will be able to count on more Iranian tons than if the shipping deadline was the end of September. Sources said sales of Iranian product through the end of September to a number of other buyers has reduced the available tons for India.

Arab Gulf and Chinese prices are in the mid- to upper-$220s/mt FOB, leading sources to expect a significant price jump in offers from the last tender results of $203-$208/mt CFR.

Agrium Inc. announced today a binding purchase agreement between its Crop Production Services Ag-retail business and Southern States Cooperative Inc. for the acquisition of 20 Ag-retail locations in the states of Georgia and Florida and its integrated cotton ginning business in Statesboro, Ga. Anticipated annual revenue from these locations is over $100-million.

“Agrium remains focused on enhancing our retail distribution network in the U.S. and this acquisition will allow us to further capitalize on our existing presence in these regions,” commented Agrium’s President and CEO Chuck Magro. “We would like to extend a warm welcome to the Southern States Ag-retail employees and are enthused to bring the latest in technologically advanced proprietary products and precision-ag services to grower customers in the southeastern U.S.”

“While we have great employees and customers in southern Georgia and northern Florida, this agreement will provide opportunity to these stakeholders and allow Southern States to optimally focus resources within our footprint to serve our members and customers more efficiently and effectively,” stated Southern States President and CEO, Jeff Stroburg.

The transaction is subject to customary closing conditions and is expected to close in September.

Bibby Line Ltd., Liverpool, the owners of the MV Cheshire, a fertilizer-laden vessel which caught fire off the coast of the Canary Islands earlier this month, provided an update on the vessel Aug. 27, showing a photograph with no smoke coming from the ship. It also reported that salvors have received permission from the Spanish authorities to bring the vessel in closer but no less than 12 nautical miles from the shore, which would make their salvage tasks easier.

PhosAgro reported an 89 percent drop in second-quarter net income to RUB1.47 billion on revenue of RUB44.72 billion ($783 million), down from the year-ago RUB13.48 billion and RUB45.98 billion, respectively. Adjusted for non-cash foreign exchange items, net income was off 33 percent at RUB6.08 billion ($106 million), against the year earlier’s RUB9.07 billion. Revenue fell 3 percent.

The company said a 15 percent growth in total sales of fertilizers and monocalcium phosphate (MCP) was offset by a stronger rouble and a 16 percent year-on-year decrease in the average realized price for phosphate rock in USD terms. On the positive side, it noted revenue was supported by 3 and 5 percent year-on-year increases in the average per mt price (USD denominated) of phosphate and nitrogen fertilizers, respectively.

“During the quarter, we saw additional pressure on phosphate prices from higher exports of phosphates from China and the MENA region, in particular as a result of the commissioning of a new unit in Morocco in March, which coincided with a delay to the start of the high season in India, ” said PhosAgro’s CEO Andrey Guryev.