Canadian fertilizer and crop nutrient maker Agrium Inc. said Tuesday it has completed the purchase of a 70 percent stake in Common Market Fertilizers SA, a European fertilizer distributor.
With 1,500 customers, CMF has annual revenue of about $600 million and crop nutrient sales volumes of 2 million to 2.5 million tonnes.
It operates through subsidiaries in France, Germany, Belgium, the U.K., Italy and Bulgaria, and it also markets products in Spain, the Netherlands, Ireland, Greece, Denmark and South America. CMF owns and leases more than 300,000 tonnes of dry and liquid storage at both port and inland sites across much of Europe.
"The acquisition of CMF provides us with important access to major distribution assets across Europe and is key to expanding our international sourcing and distribution business," said Mike Wilson, Agrium president and chief executive, in a statement.
Brussels-based CMF currently has 60 employees across Europe. Oscar Geyer will remain managing director and continue to hold an equity stake in the company.
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