Agrium subsidiary buys controlling interest in Agricen
Loveland Products, a subsidiary of Agrium Inc. and a global provider of high-performance crop input products, announced that it has acquired a controlling interest in Agricen, a Dallas-based agricultural biotechnology company that produces biochemical-based plant nutrition products.
Loveland Products has also acquired an interest in Agricen’s sister company, Agricen Sciences, an applied sciences research company developing novel microbial and biochemical solutions for plant health and nutrition. Financial terms of the deals were not disclosed.
“These strategic investments are the initial steps in the extension of our long-term strategy for the discovery and commercialization of next-generation technologies that enhance plant health and improve crop productivity,” said Brent Smith, Loveland Products vice president. “We have a long history of working with Agricen and Agricen Sciences, so this is a natural place to begin a new, concerted effort to deliver innovative and sustainable plant health technologies that complement conventional growing practices around the world.”
Agricen manufactures two of Loveland Product’s fastest growing plant nutrition brands, Accomplish® LM and Titan® PBA, which are biologically derived to enhance fertilizer efficiency. Loveland Products is based in Loveland, Colo., and is the proprietary products provider for all of Agrium Retail in North America, Australia, and South America, including Crop Production Services (CPS).
Under the terms of the agreement, Agricen will operate under its present name as a Loveland Products subsidiary. Smith will take on the role of chairman of the board of Agricen, and will serve on the board of Agricen Sciences. Jeff Tarsi, vice president of strategy and international retail for CPS, will also join the Agricen Board.
“By combining Loveland Products’ extensive reach in the agriculture industry with Agricen’s and Agricen Sciences’ history in agricultural biologicals, we have a significant opportunity to create value for growers with next-generation agricultural tools that complement and enhance existing plant nutrition practices,” said Michael Totora, president and CEO of Agricen.
Loveland Products and Agricen (then Advanced Microbial Solutions) had previously entered a strategic partnership agreement in 2012, which gave Loveland an ownership position in Agricen, as well as exclusive, worldwide distribution rights to existing Agricen technology and access to an integrated pipeline of new product and technology opportunities.