BUSINESS
07/06/2011 05:54 EDT | Updated 09/05/2011 05:12 EDT

Agrium Inc. Buys Evergro Canada For $50 Million

CP

THE CANADIAN PRESS -- CALGARY - Agriculture products company Agrium Inc. (TSX: AGU) says it has agreed to buy Vancouver-based turf products maker Evergro Canada for US$50 million.

Evergro, a manufacturer and distributor of horticultural products in Western Canada, has seven distribution centres throughout B.C. and Alberta and annual revenues of roughly US$60 million.

Agrium said the deal will expand its footprint in Canada and adds to its expertise in controlled release fertilizers and pest control as well as turf and vegetable seeds.

Evergro's fertilizer and grass seed blending and bagging plant in Delta, B.C. will also help support Agrium's growing business within the Pacific Rim.

Agrium Inc. supplies agricultural products and services in North America, South America and Australia.

Shares in Agrium closed down $1.20 at $84.64 Wednesday on the Toronto Stock Exchange.