Common Market Fertilizers, one of the largest fertilizer distributors in Western Europe, has a new Canadian owner.
Calgary-based fertilizer firm Agrium has sealed its deal to buy a 70 per cent equity stake in CMF for an undisclosed sum, giving Agrium “important access to major distribution assets across Europe.”
The deal “is key to expanding our international sourcing and distribution business,” according to Agrium CEO Mike Wilson in a release Tuesday.
Based in Brussels, CMF runs through subsidiaries in France, Germany, Belgium, the U.K., Italy and Bulgaria, and also markets products in Spain, the Netherlands, Ireland, Greece, Denmark and South America, Agrium said. CMF also owns and leases over 300,000 tonnes of dry and liquid storage at European port and inland sites.
Agrium said CMF’s annual sales revenues run around US$600 million and its crop nutrient sales volumes run around to 2.5 million tonnes.
CMF’s managing director, Oscar Geyer, will remain in the same position and will continue to hold an equity stake, Agrium said.