Nutrien selling its stake in Argentina-based Profertil for US$600 million

Nutrien Ltd. has signed a deal to sell its 50 per cent stake in Argentina-based nitrogen producer Profertil SA to Adecoagro SA and Asociacion de Cooperativas Argentinas Coop Ltd for US$600 million.

Nutrien chief executive Ken Seitz said the deal advances his company’s strategy to focus on assets and geographies that are core to its long-term vision.

The company said its share of Profertil earnings recorded in Nutrien’s nitrogen operating segment totaled about US$60 million over the previous four quarters.

The sale is subject to customary closing conditions and is expected to be completed before the end of the year.