Agrium Inc (AGU), through its subsidiary Loveland Products Inc has closed on the acquisition of Starpharma Holdings Limited's agrochemical business for Australian dollar–A$35 million ($26.4 million).
Starpharma’s agrochemical business is focused on development of its proprietary Priostar dendrimer polymer technology portfolio.
The acquisition is comprised of key intellectual property, as well as a small number of dedicated staff based in Melbourne, Australia. These assets will support Agrium's innovation and technology strategy through the ability to continue providing unique proprietary products that address existing and emerging grower challenges.
This acquisition will lay the foundation for the continued development and commercialization of the Priostar dendrimer polymer technology across a broad base of Loveland Products' crop protection and speciality nutrition products, improving product performance and further enhancing Agrium Retail's full solutions offering to growers. This technology has proven to provide numerous benefits including better weed control capabilities, formulation stability and reduced environmental impacts.
"This acquisition represents an exciting strategic technology platform for Loveland Products that will serve to further differentiate our proprietary product line and open new product development partnership opportunities. Agrium is uniquely positioned to commercialize this technology across our 1,500 ag-retail centres, which service hundreds of thousands of growers in key agricultural markets globally," said Chuck Magro, president & CEO of Agrium.
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