MAUMEE, OHIO — The Andersons, Inc. has signed a definitive agreement under which it will acquire the Fertilizer Division of Hartung Brothers Inc.
Terms of the transaction were not disclosed. The Andersons predicted the acquisition would close by July 31.
Based in Madison, Wis., the HBI Fertilizer Division was established in 1979 as part of Hartung, a family-owned business. The division is a regional wholesale supplier of liquid fertilizers and has six facilities in Wisconsin and Minnesota with 145,000 tons of storage capacity. In 2008, the division generated $60 million in revenue.
"This strategic acquisition is consistent with the group’s stated growth objective expanding our geographic footprint to serve more customers in the western Corn Belt states of Wisconsin and Minnesota," said Mike Anderson, chief executive officer of The Andersons.
The company said the division will be integrated into the Andersons’ Plant Nutrient Group. The P.N.G. operates wholesale and retail facilities in Ohio, Michigan, Indiana, Illinois, Florida, and Puerto Rico. These facilities service about 2 million tons of dry and liquid agricultural nutrients annually.