Agrium Inc. has added a
news release to its Investor Relations website.
Title:
Agrium Advanced Technologies Announces New ESN(R) Production Facility to Be
Built in New Madrid, Missouri
Date: 5/21/2009 7:30:55
AM
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CALGARY,
ALBERTA, May 21, 2009 (MARKETWIRE via COMTEX) -- ALL AMOUNTS ARE STATED IN
U.S.$
Agrium Inc. (TSX: AGU)
(NYSE: AGU) announced today it will proceed with construction of a new
facility for production of our branded polymer coated nitrogen product,
ESN(R), which has been specifically designed for the agricultural markets. New
Madrid, Missouri has been selected as the home of the new ESN(R) facility.
"We are excited
about the opportunity to increase our production capacity of ESN(R) so that
we can continue to meet the growing demand for this unique product. We
selected New Madrid due to its great access to markets, its skilled
workforce and its location on the Mississippi River, making it ideally
suited for our business," said Andrew Mittag, President, Agrium
Advanced Technologies.
The coating facility
will have an annual production capacity of 120,000 tons, and has been designed
such that capacity could be doubled in the future. The incremental capacity
will bring our total ESN(R) production capacity to 360,000 tons at three
separate locations. All plans will be finalized shortly and groundbreaking
on the new facility is expected to begin in early June 2009. The plant is
expected to cost approximately $36 mm, be operational in 2010, and have 18
full-time employees.
ESN(R), or
Environmentally Smart Nitrogen, is an innovative, controlled-release
agricultural fertilizer. ESN features a unique semi-permeable polymer
coating that allows water to enter the urea granule, dissolve the nitrogen
inside based on temperature and moisture, and release as the plant needs
it.
ESN(R) is a product
widely used by growers of corn, wheat, canola, potatoes, and other crops. The
benefits are numerous including a more controlled release of nitrogen which
makes it a more environmentally friendly fertilizer and produces greater
yielding crops. More information can be found at www.smartnitrogen.com.
About Agrium
Agrium Inc. is a major
retail supplier of agricultural products and services in both North and
South America and a leading global producer and marketer of agricultural
nutrients and industrial products. Agrium produces and markets three primary
groups of nutrients: nitrogen, phosphate and potash as well as controlled
release fertilizers and micronutrients. Agrium's strategy is to grow
through incremental expansion of its existing operations and acquisitions
as well as the development, commercialization and marketing of new products
and international opportunities.
About Agrium Advanced
Technologies
Agrium Advanced
Technologies is a strategic business unit of Agrium Inc., a major retail
supplier of agricultural products and services in both North and South
America and a leading global producer and marketer of agricultural
nutrients and industrial products. Agrium Advanced Technologies is the
leading manufacturer and marketer of slow- and controlled-release
fertilizers and micronutrients in the Agriculture, professional Turf and
Ornamental, consumer lawn and garden, and specialty agriculture markets. Agrium
Advanced Technologies' brands include: ESN(R), POLYON(R), XCU(TM),
NITROFORM(R), NUTRALENE(R), and DURATION CR(R) slow- and controlled-release
fertilizers and PRECISE(R) controlled-release plant protection. These
products utilize proprietary advanced generation technologies to control
nutrient release for improved plant growth and environmental performance.
Forward-Looking
Statements
Certain statements in
this press release constitute forward-looking statements. Such
forward-looking statements involve known and unknown risks and
uncertainties, including those referred to in the management discussion and
analysis section of the Company's most recent annual report to
shareholders, which may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. A number of factors could cause actual results
to differ materially from those in the forward-looking statements,
including, but not limited to, general economic, market and business
conditions, potential changes in construction costs or regulatory or
environmental approvals, estimated time of completion of the facility, as
well as the ultimate production capacity reached, changes in the Company's
anticipated financing requirements and the method of financing such
requirements and changes in securities and other laws or regulations and
the interpretation thereof. Agrium disclaims any intention or obligation to
update or revise any forward-looking information as a result of new
information or future events.
Contacts: Agrium Inc. Richard Downey Senior Director, Investor Relations (403) 225-7357 Agrium Inc. Ashley Harris Manager, Investor Relations (403) 225-7437 Website: www.agrium.com
SOURCE: Agrium Inc.
http://www.agrium.com |