Nutrien Ltd. is buying Brazilian retail fertilizer company Casa do Adubo S.A. as it forges ahead on an expansion into Latin America despite a difficult global economic environment.
Saskatoon-based Nutrien, the world’s biggest fertilizer company, did not disclose financial terms for the deal, but said it would add roughly US$400-million in sales and expand its reach in Brazil to 13 states from five.
Since 2020, Nutrien has made five acquisitions in Brazil. The company said its sales across Latin America – which also includes operations in Argentina, Chile and Uruguay – are now predicted to hit US$2.2-billion.
Interim chief executive Ken Seitz said in a statement that the acquisition of privately held Casa do Adubo will help farmers increase crop production and feed a growing population at a time of global food insecurity. Brazil has emerged as one of Nutrien’s most important sources of international growth in recent years.