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NEW YORK - The sale of ProSource One, formerly known as Terra Industries, announced in March has now been finalized as Royster-Clark Group, a supplier of fertilizers, seeds and crop protection products, said June 15 that it has signed a purchase contract with Agriliance LLC to acquire the assets of Agro Distribution South and ProSource One.
The transaction involves ProSource One, a retail professional products business serving the turf, ornamental, vegetable management, Florida specialty agriculture and forestry markets, and approximately 140 Agro Distribution South retail farm supply centers located in 12 states. The businesses and assets being acquired by Royster-Clark have been operated by Agriliance since their purchase from Terra Industries in 1999. Together they employ approximately 1,100 people.
Terms of the transaction were not disclosed, but final closing is scheduled for August 31, 2001. Until the final closing, the businesses will be operated by Royster-Clark under the terms of a separate management services agreement. Under the terms of this agreement, Ken Moshenek, president and chief operating officer at Royster-Clark, and Jim Greengard, vice president, retail operations at Agriliance will manage Agro Distribution South and ProSource One.
"Obviously, this transaction has not proceeded on the schedule originally envisioned where we had hoped to close April 1, 2001," stated Francis Jenkins Jr., Royster-Clark chairman and CEO. "The closing delay is a result of the complexities of preparing due diligence and legal preparations in many jurisdictions. However, we are very excited about the opportunities this transaction brings to Royster-Clark. Agro Distribution South and ProSource One are first class operations whose people bring a wealth of knowledge and experience to the Royster-Clark family.
"While the time table was delayed, we are pleased that these two operations and the employees working for them have found a solid fit with Royster-Clark," said Al Giese, co-president, Agriliance.
Royster-Clark has nearly 350 retail outlets and numerous production and distribution points serving agriculture as a supplier of fertilizers, seeds and crop protection products to customers in the Eastern U.S.
Agriliance is the agronomy marketing joint venture between Land O' Lakes, St. Paul, Minn., CHS Cooperatives, St. Paul, Minn., and Farmland Industries, Kansas City, Mo.