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Published on: 8/1/2008
Last Visited: 8/7/2008
The market fundamentals for the three main nutrients Agrium produces - potash, nitrogen and phosphate - are expected to remain strong for the rest of 2008 and into next year, said chief executive Mike Wilson on a conference call with analysts.
"This remains a story about food and the world wants and needs more food production and our businesses play an integral role in improving yields and the nutritional value for all crops," Wilson said.
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Wilson added: "There are a few farmers who do look at their cost position and cut back, but we don't expect a huge cutback as a result of that."
The $2.65-billion acquisition of U.S. retailer UAP this past spring "has already yielded excellent results," contributing about 70 cents in earnings per share between May 5 and June 30, Wilson said.
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To date discussions have not resulted in an agreement, but we'd expect to provide further updates over the next few weeks," Wilson said Wednesday.
On the conference call, Wilson took direct aim at media outlets and bloggers in Egypt who he said are spreading misinformation about the project.
"They've intentionally made false accusations pertaining to the safety and the environmental impact of the EAgrium facility," Wilson said, adding that Agrium has safely operated fertilizer plants around the world for 50 years without any serious health or environmental concerns.
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