Fertilizer supply firm Agrico Canada will expand further into Quebec by partnering with a Norwegian company operating there.
Oslo-based fertilizer supply company Yara International announced Wednesday that it’s bought a 25 per cent ownership stake in the 77-year-old Mississauga firm for an undisclosed sum.
Agrico operates a supply terminal and retail centre at Chambly, Quebec among its other facilities in Ontario, Saskatchewan, Manitoba and Minnesota. Yara owns liquid and dry fertilizer terminals at Montreal and at nearby Contrecoeur, which it said will complement Agrico’s flagship dry fertilizer terminal at Hamilton, Ont.
“Besides providing an improved fertilizer import position, the cooperation will enhance operational efficiency,” Yara wrote in a release.
Across Canada, Agrico owns five storage terminals, including one deep-water facility, and leases another five terminals for total storage capacity of 235,000 tonnes. Nationwide, its distribution system includes four company-owned retail outlets, 10 joint ventures and a number of independent dealers. The company earned about $160 million in revenues last year.