CHS Inc. agrees to acquire selected Canadian assets from Agrium
ST. PAUL, Minn., March 17, 2014 /CNW/ - CHS Inc. (NASDAQ: CHSCP), the leading U.S. farmer-owned cooperative and a global energy, grains and foods company, has agreed to acquire selected Canadian retail assets from Crop Production Services (Canada) Inc., a wholly owned subsidiary of Agrium, Inc., a major retail supplier of agricultural products and services in North America, South America and Australia.
Under the agreement, 16 retail agronomy locations in the provinces of Alberta and Saskatchewan become part of the Country Operations division of CHS. The transaction is expected to be completed on or about April 1, 2014. Financial terms are not disclosed.
"We look forward to expanding our ability to serve farmers and ranchers in Canada, and to being a strong partner in their communities," said John McEnroe, executive vice president, CHS Country Operations. "Our goal is always to add value for our customers through local experts with global connections."
The newly acquired business will be able to take advantage of a new 42,000-ton fertilizer plant outside Shelby, Mont. In its final stages of construction, the facility, with 110-car shuttle loader access to the BNSF line, is expected to open for the spring 2014 season.
Agrium Inc. is a major retail supplier of agricultural products and services in North America, South America and Australia and a leading global wholesale producer and marketer of all three major agricultural nutrients and the premier supplier of specialty fertilizers in North America through its Advanced Technologies business unit. Agrium's strategy is to provide the crop inputs and services needed to feed a growing world. It focuses on maximizing shareholder returns by driving continuous improvements to its base businesses, pursuing value-added growth opportunities across the crop input value chain and returning capital to shareholders.
CHS Inc. is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2013, which can be found on the Securities and Exchange Commission web site (www.sec.gov).
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