southburnett.com.au
What's On In The South Burnett Today?

Nutrien Closes Ruralco Deal

Filed under Breaking News, Business, Front2, Latest News, Rural

October 1, 2019

Canadian agribusiness Nutrien Ltd has acquired Ruralco Holdings Limited, the company behind some of the best-known agri-brands in Australia.

Saskatchewan-based Nutrien – the parent company of Landmark – announced the acquisition on Monday.

Ruralco brands include CRT, Northern AgriServices, Pivot Irrigation and Pumping, Waterexchange.com.au and Agritech Rural.

The Australian Competition and Consumer Commission gave the green light to the takeover in late August after Nutrien entered into an undertaking over the future of stores in Alice Springs, Broome and Hughenden.

A Nutrien media statement said the combination of Ruralco’s business with its Landmark operations was expected to provide significant benefits for all stakeholders and “enhance the delivery of products and services to Australian farmers”.

“The combination will also provide Australian growers with enhanced solutions offerings to enable them to better compete in global markets,” the statement said.

Nutrien has steadily grown its retail business in Australia, with annual earnings expected to surpass $US230 million in 2020.

The company expects about $US70 million of this will come from the Ruralco acquisition.

Landmark has been a part of rural Australia for more than 150 years and operates stores across the nation.

The Ruralco acquisition is reportedly worth $US334 million.


SPONSORED LINKS:
Huskys Burgers Kingaroy - click hereAnderssons Fruit Market for quality fruits and vegetables

Leave a Reply

Your email address will not be published. Required fields are marked *