The Andersons Inc. said May 4 that it has signed a definitive purchase agreement to acquire the fertilizer division of Hartung Brothers, Inc., as an addition to its Plant Nutrient Group. The transaction is scheduled to close July 31, 2009.
“The HBI fertilizer division will be a very nice addition to the Plant Nutrient Group (PNG),” said CEO Mike Anderson. “This strategic acquisition is consistent with the group’s stated growth objective expanding our geographic footprint to serve more customers in the western corn-belt states of Wisconsin and Minnesota.”
“The HBI culture and market position is very complementary to that of The Andersons,” continued Denny Addis, PNG president. “We are looking forward to developing a long-lasting relationship with the customers that HBI has served so well.”
HBI fertilizer division, based in Madison, Wisc., was founded in 1979 as a part of Hartung Brothers Inc., a family-owned agribusiness. The division, which is a leading regional wholesale supplier of liquid fertilizers, has six strategically located facilities with 145,000 tons of storage capacity in Wisconsin and Minnesota. In 2008, the division generated $60 million in revenue.
“The Andersons make a perfect match for our fertilizer division and the employees who have contributed so much over the years to the success of that business, including Steve Sheline, vice president of sales, and Randy Hartung, vice president of operations. We thank them for their efforts and wish them every success with the new owners,” continued Dan Hartung, HBI president. “Hartung Brothers Inc. will continue to grow our strategic vegetable, seed corn production and transportation businesses.”
Hartung Brothers, founded in 1975, offers production contracts to growers in six states and Ontario for vegetables (snapbeans, peas, sweet corn, cucumbers, carrots, and beets) and for the production of hybrid seed corn in Illinois and Wisconsin. For more information, see www.hartungbrothers.com.