01/06/2015 07:47 EST | Updated 03/08/2015 05:59 EDT

Agrium to sell two storage and distribution facilities to Trammo subsidiaries

CALGARY - Agrium Inc. (TSX:AGU) has agreed to sell two storage and distribution facilities in Illinois for about US$50 million to subsidiaries of Trammo, Inc., a private company headquartered in New York.

The Calgary-based fertiliser company says the decision to sell the Niota and Meredosia facilities was made as part of a recent porfolio review.

The deal is expected to close by the end of the first quarter.

"This is another step towards simplifying our portfolio and focusing on our core businesses which will drive long-term shareholder value," Chuck Magro, Agrium's president and CEO, said in a statement.