Agricore United

Agricore United

December 14, 2006 15:00 ET

Agricore United Acquires Two Crop Input Retailers in Saskatchewan

WINNIPEG, MANITOBA--(CCNMatthews - Dec. 14, 2006) - Agricore United (TSX:AU) today announced it will acquire the key assets of Green Acres Fertilizer Service (Major) Inc., Green Acres Chemical Ltd. (collectively Green Acres) and Kerrobert Agro Services Ltd. (Kerrobert), two full service crop production businesses in western Saskatchewan, effective December 18, 2006. The acquisition will complement Agricore United's existing grain operations at Kindersley, Provost and Wilke, Saskatchewan. Financial terms of the transaction were not disclosed.

"Having recently released record year end earnings, Agricore United continues to execute on its commitment to grow for the benefit of Agricore United's stakeholders," says Brian Hayward, Chief Executive Officer, Agricore United. "This acquisition aligns with our strategic intent to enhance Agricore United's grain handling and crop input retail position."

Green Acres & Kerrobert offer dry bulk fertilizers, liquid fertilizer, a full line of crop protection products and custom spraying services, a full line of bagged and bulk seed products, and agronomic consulting services. Agricore United will be retaining key staff with strong agronomic backgrounds and experience in grain and agro sales and services.

"Green Acres & Kerrobert have been leaders in their marketplace, with a tradition of providing superior customer service and agronomic advice," says Ron Enns, Senior Vice President. "That's a tradition consistent with our own corporate philosophy, as Agricore United continues to deliver on adding value to agricultural production."

"We are confident in and excited about the future of agriculture and believe the sale of the crop production businesses to Agricore United will provide Green Acres and Kerrobert Agro customers with a more complete range of services in the future," say the principals of Green Acres and Kerrobert. "We would also like to thank our many customers for their past patronage."

Agricore United is one of Canada's leading agri-businesses with headquarters in Winnipeg, Manitoba and extensive operations and distribution capabilities across western Canada, as well as operations in the United States and Japan. Agricore United uses its technology, services and logistics expertise to leverage its network of facilities and connect agricultural customers to domestic and international customers and suppliers. The company's operations are diversified into sales of crop inputs and services, grain merchandising, livestock production services and financial services. Agricore United's common shares are traded on the Toronto Stock Exchange under the symbol "AU".

Contact Information

  • Agricore United
    Radean Carter
    Corporate Communications
    (204) 944-2238
    Green Acres - Major SK
    James Zimmer/ Dewight Walz
    Kerrobert Agro - Kerrobert, SK
    Randy Molnar
    (306) 834-5007