The Andersons Announces Intent to Purchase Agrico Canada, Ltd/Lte.
Jul 31, 2003
The Andersons, Inc.
Agrico Canada is a privately held Canadian company that markets and distributes plant nutrients to independent dealers across Canada. It also markets to growers through its wholly owned and jointly owned farm centers. The company's corporate office is in Mississauga, Ontario, with a regional office in Oak Bluff, Manitoba. Including its joint ventures, Agrico Canada maintains approximately 40 strategically located wholesale distribution centers and farm centers throughout Quebec, Ontario, Manitoba and Saskatchewan, as well as a leased terminal in St. Paul, Minnesota.
According to Mike Anderson, President and CEO of The Andersons, Inc., "The purchase of Agrico Canada is a logical way of strategically expanding our plant nutrient distribution business beyond our current market territory. The experience and skill of the employees and joint venture partners of Agrico Canada are impressive and will match well with our own personnel and culture. The marketing and operational strengths of both entities will provide greater sourcing capabilities and improved market penetration, as well as enhanced product offerings," Anderson explained.
"The Andersons has the same level of commitment to agriculture and the farming tradition that Agrico Canada does," said Bob Whitelaw, President of Agrico Canada Limited/Limitee. "I'm confident that the new partnership will further solidify Agrico Canada as a long-term, stable supplier of crop inputs to its many customers. I am honored to have The Andersons succeed me and my fellow shareholders as the new owners of Agrico Canada."
According to Denny Addis, President of the Plant Nutrient Division, "This acquisition matches well with The Andersons' history of serving the independent dealer with a broad offering of fertilizer products at conveniently located terminals. The Andersons and Agrico Canada possess very similar core competencies, which we intend to leverage to continue to serve our customers, shareholders, employees, and industry partners. We intend to maintain the Agrico Canada name and operate the business as a wholly owned subsidiary of The Andersons."
The transaction is anticipated to be completed in September and is subject to due diligence and finalization of a Definitive Purchase Agreement.
About Agrico Canada Ltd/Lte.
Agrico Canada Ltd/Lte. is a leading supplier of fertilizer in Canada and the United States. Annual revenue for the privately-held company averages $100 million (Canadian) per year. Founded in 1931, Agrico Canada Limited/Limitee is headquartered in Mississauga, Ontario. Additional information is available online at www.agricocanada.com .
About The Andersons, Inc.
The Andersons, Inc. is a regional grain merchandiser with diversified businesses in agriculture, plant nutrient distribution, turf product production, railcar marketing and general merchandise retailing that generates revenues of approximately $1.1 billion per year. Founded in 1947, the company maintains grain and distribution/production facilities throughout the Midwest and six retail consumer stores in northwestern and central Ohio. The Andersons' corporate headquarters is located in Maumee, Ohio. Additional information is available online at www.andersonsinc.com .
SOURCE: The Andersons, Inc.
CONTACT: Gary Smith, Vice President, Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or
Whitelaw, President of Agrico Canada Ltd/Lte., +1-905-672-5700, or