NYSE, TSX: NTR
LOVELAND, CO, July 16, 2018 /PRNewswire/ - Nutrien Ltd.
("Nutrien") announced today that it has entered into a definitive
agreement to acquire Agrible, Inc. ("Agrible") for total
consideration of $63-million. Agrible
is a digital agriculture company with an advanced platform and
product offering that includes a broad set of agronomic and on-farm
advisory tools, data science capabilities, predictive analytics and
a global sustainability business that connects growers with leading
agricultural, food and consumer products companies to measure,
benchmark and empower sustainable crop production.
Agrible's platform is currently being utilized by growers and
sustainability partners across numerous global geographies, with
the U.S. representing the company's largest commercial market. Its
primary digital product offerings include Morning Farm
Report®, Spray Smart®, Nutrient Engine and
Find My Seed®, which are accompanied by numerous other
complementary digital and mobile offerings. Based in Champaign, Illinois, Agrible currently has 55
employees, with approximately 17,000 grower users that represent
approximately 11 million acres in aggregate.
"The acquisition of Agrible is consistent with our strategy of
investing in the growth of Nutrien's Retail business to further
strengthen and differentiate our leading global position," said
Chuck Magro, President & CEO of
Nutrien. "We expect to recognize significant strategic and
financial benefits from the transaction by leveraging Agrible's
capabilities to deliver unique, value-enhancing solutions across
our Retail network."
"Agrible has developed a very impressive set of digital
agronomic and sustainability tools which can be immediately
incorporated into our existing digital platform," commented
Mike Frank, President of Nutrien Ag
Solutions. "These will strengthen the unique omnichannel offering
that we have created by combining the independent knowledge and
customer focus from our local agronomist network and our extensive
distribution system, ensuring our customers get the best products,
services, agronomy advice and e-commerce convenience. Agrible has
also developed an industry leading sustainable ag platform and
solution, developed through strong partnerships with some of the
world's most prominent food and beverage companies. We are excited
to welcome Agrible's talented team to Nutrien Ag Solutions' digital
organization and to expand our presence into Champaign, Illinois," added Frank.
"Agrible has dedicated its business strategy and development
activity to building market-leading data science and digital tools
that provide growers with the information and insights they need,
when and where they need them," said Paul
Miller, Chief Science Officer & Co-Founder of Agrible.
"We have a strong fundamental belief that the most effective means
of scaling and delivering the value of Agrible's tools is by
leveraging and empowering the important role that agricultural
retailers play in supporting growers' ability to sustainably
maximize crop production. As a result, this exciting combination
with Nutrien Ag Solutions is the ultimate validation of our
strategy and the ideal platform to significantly scale-up the
capabilities that we have built, while continuing to grow and
enhance the value we provide our global sustainability
customers."
The transaction is expected to close in late July 2018.
About Nutrien
Nutrien is the world's largest provider of crop inputs and
services, playing a critical role in helping growers increase food
production in a sustainable manner. We produce and distribute over
26 million tonnes of potash, nitrogen and phosphate products
world-wide. With this capability and our leading agriculture retail
network, we are well positioned to supply the needs of our
customers. We operate with a long-term view and are committed to
working with our stakeholders as we address our economic,
environmental and social priorities. The scale and diversity of our
integrated portfolio provides a stable earnings base, multiple
avenues for growth and the opportunity to return capital to
shareholders.
FOR FURTHER INFORMATION:
Investor and Media Relations:
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
Investor Relations:
Jeff
Holzman
Senior Director, Investor Relations
(306) 933-8545
Todd Coakwell
Director, Investor Relations
(403) 225-7437
Contact us at: www.nutrien.com
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SOURCE Nutrien Ltd.