Loveland, Colorado, USA
August 26, 2014
Loveland Products, a subsidiary of Agrium and a leading global provider of high-performance crop input products and proprietary products provider for Agrium Retail globally, today announced that the company has acquired a controlling interest in Agricen, a Dallas-area agricultural biotechnology company delivering biochemical-based products for efficient and sustainable plant nutrition. Agricen manufactures two of Loveland Products' fastest growing plant nutrition brands, Accomplish® LM and Titan® PBA, which are biologically derived products designed to enhance fertilizer efficiency. Agricen will operate as a Loveland Products subsidiary under its present name. 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.
"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, Vice President, Loveland Products. "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."
Under the terms of the agreement, Mr. 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 Crop Production Services will also join the Agricen Board. Loveland Products is the proprietary products provider for all of Agrium Retail in North America, Australia and South America, including Crop Production Services. Financial terms of the deals were not disclosed.
"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 provides innovative input solutions to growers across more than 40 countries and is a part of publicly traded Agrium Inc. (TSX and NYSE: AGU), a global crop input and agricultural services provider. 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.
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