Nutrien to Purchase Brazilian Ag Retailer and Soybean Seed Producer Tec Agro
Nutrien Ltd. has announced that it has entered into a definitive agreement to purchase 100% of the equity of the Tec Agro Group. Tec Agro is a leading ag retailer in the state of Goiás, with close to 25 years of service to farmers and eight retail branches. Tec Agro also owns one of the largest branded soybean seeds businesses in Brazil, recognized nationally for its product quality and performance, under the Sementes Goiás brand. The annual sales of Tec Agro are approximately US$200 million and it has about 500 employees servicing thousands of farmers. The acquisition multiple is in-line with Nutrien’s past acquisitions in the U.S. for similar businesses.
“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.
“This acquisition fits with our strategy to bring whole farm solutions to our Brazilian customers. Our products and services portfolio, combined with our digital tools, are helping us create new value for Brazilian farmers. We are excited to continue our path of growth and further increase our presence in the country,” said André Dias, Vice President and Managing Director of Nutrien in Brazil.
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