Nutrien to purchase Tec Agro Group
Canadian mineral fertilizer producer Nutrien has announced the acquisition of Brazilian Tec Agro Group, a major agrochemicals retailer. It also owns one of Brazil’s largest branded soybean seed businesses under the Sementes Goiás brand.
Tec Agro Group has annual sales of approximately $ 200 million and employs approximately 500 employees serving farmers throughout Brazil.
“The Tec Agro acquisition is an excellent strategic fit and, following the Agrosema transaction announced in January, is a great next step in building our platform in the important and growing Brazilian agricultural market.”, said Chuck Magro, President and CEO of Nutrien.
Upon the closure of Tec Agro acquisition, Nutrien will operate 25 retail sales offices in the states of São Paulo, Minas Gerais and Goias. Total sales in Brazil could be up to $ 500 million per year.
However, the completion of the transaction is subject to approval by the Brazilian authorities.