Nutrien said on Monday it will sell its 50% stake in Argentina-based nitrogen producer Profertil for $600-million as the world’s top potash producer looks to rein in expenses and shift focus to other key markets.
The stake will be acquired jointly by agribusiness companies Adecoagro and Asociacion de Cooperativas Argentinas.
Nutrien said the owner of the remaining 50% stake in Profertil will have 90 days to exercise its right of first refusal.
The company reported about $60-million in proportionate earnings from its Profertil stake over the last four quarters.
The transaction expected to close before the end of 2025.
Read More: Nutrien misses first-quarter profit estimates on lower prices
