Agrium Inc., Calgary, Alberta, announces it has concluded the purchase from Spectrum Brands Inc., Atlanta, GA, of its Nu-Gro fertilizer technology and professional products businesses.

Agrium Inc., Calgary, Alberta, announces it has concluded the purchase from Spectrum Brands Inc., Atlanta, GA, of its Nu-Gro fertilizer technology and professional products businesses. Agrium will fund the purchase price of $86-million from cash on hand. This acquisition is expected to boost Agrium's sales and earnings in the growing specialty fertilizer segment and provide sufficient critical mass to form a new Strategic Business Unit.

"With the addition of Nu-Gro, we enhance our position as a leader in controlled release fertilizers and add another stable earnings stream to our portfolio of businesses and products," said Mike Wilson, Agrium president and CEO.