) announced that its present Chief Operating Officer (COO) Chuck
Magro will succeed Chief Executive Officer (CEO) Mike Wilson upon
the latter's retirement. The transition will be effective Dec 31,
Magro will succeed Wilson who joined Agrium as Executive Vice
President and COO in Aug 2000 and was appointed the company's
President and CEO in 2003.
Magro will join Agrium's board of directors immediately and
work with management to ensure a smooth transition. However, he
will take up CEO's role from Dec 31, 2013. Magro will work
with the directors to ensure that integrated strategy delivers
superior results for shareholders.
Prior to the appointment of Magro as the COO in 2012, he held
the role of Executive Vice President, Corporate Development &
Chief Risk Officer at Agrium. He was also responsible for a
number of core areas within Agrium including corporate
development and strategy, EHS&S, sustainability &
stakeholder relations, internal audit, and risk management. He
also served as the Vice President, Manufacturing and was
responsible for the company's wholesale manufacturing
Before joining Agrium, Magro served Nova Chemicals as a
process engineer. He gained extensive experience in plant and
operations management, and product line management. He also led a
major strategic growth project, supply chain team and investor
Separately, Agrium successfully completed the acquisition of
Viterra Inc's Canadian retail assets on Oct 1. The company had
cleared the Canadian competition review process on Sep 5 after
entering into a consent agreement with the Canadian Competition
As part of the agreement, Agrium acquired about 210 retail
stores across Western Canada in addition to the 13 previously
acquired Viterra retail locations in Australia. The overall
consideration for the retail assets in Canada and Australia is
roughly C$300 million ($290.2 million).
Agrium, which is a prominent Canadian fertilizer company along
), believes that the acquisition of Viterra's assets is an
excellent fit to its portfolio as it will be able to provide
highly competitive products, services and technologies by
combining its experience with Viterra's profound knowledge of
western Canadian agriculture.
Viterra's retail assets are expected to contribute an annual
EBITDA (net of divestitures) in the range of C$75 million to C$90
million (or $72.5 million to $87 million) excluding synergies and
integration costs. Integration of the businesses will begin
Agrium currently retains a Zacks Rank #5 (Strong Sell).
However, in the fertilizer industry,
China BlueChip ADR
), with a Zacks Rank #1 (Strong Buy,) and
The Scotts Miracle-Gro Company
), with a Zacks Rank #2 (Buy), are good options for investment.
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