Canadian fertilizer producer Agrium Inc will cut 500 jobs and look to sell several noncore businesses as it aims to find $475 million in savings by 2017, Chief Executive Chuck Magro said on Wednesday.Agrium will also target savings from reducing working capital at its farm retail business and trimming operating and administrative expenses.Fellow fertilizer producers Potash Corp of Saskatchewan and Mosaic Co have already started deep cost-cutting programs as profits decline after the price of potash fell to a six-year low earlier this year. Weak grain prices have also dampened spending by U.S. farmers on fertilizer.Among the businesses Agrium will try to sell are its micronutrients and European UAN (urea-ammonium nitrate) lines.
Agrium Inc. (Agrium) is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU traded higher by 1.08% or $1.05/share to $98.24. In the past year, the shares have traded as low as $82.02 and as high as $98.50. On average, 838940 shares of AGU exchange hands on a given day and today's volume is recorded at 515431.
Agrium Inc. (Agrium) is a global producer and marketer of nutrients for agricultural and industrial markets. Shares of AGU traded higher by 1.03% or $1.14/share to $112.03. In the past year, the shares have traded as low as $88.80 and as high as $112.38. On average, 539322 shares of AGU.TO exchange hands on a given day and today's volume is recorded at 261663.
Potash Corporation of Saskatchewan Inc. (PCS) is an integrated fertilizer and related industrial and feed products company. Shares of POT traded higher by 0.65% or $0.21/share to $32.65. In the past year, the shares have traded as low as $30.09 and as high as $38.58. On average, 4273760 shares of POT exchange hands on a given day and today's volume is recorded at 2406887.
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