Agria Subsidiary Buys Strategic Interest In Uruguay

(RTTNews) - Agricultural company Agria Corp (GRO) on Tuesday said its New Zealand-listed subsidiary, PGG Wrightson Ltd, has agreed to purchase fifty percent of the shares of Agrocentro Uruguay with a target settlement date of August 31.

Agrocentro Uruguay is a rural servicing company that provides agricultural sales, support and rural services to improve profitability for farmers. The business has about 120 staff.

According to Agria, the transaction involves an upfront payment and a capped earn out component over the next three years based on the performance of the business.

Agrocentro Uruguay currently has eight retail branches located across Uruguay and is well positioned for further growth, Agria noted.

Alan Lai, Executive Chairman of Agria, said, "It is a pleasure to announce this transaction as we continue to expand Agria's global footprint in high growth markets such as South America."