March 2, 2017
During 2016, Agrium remained focused on our key strategic pillars and on controlling our controllables. While earnings were impacted by weak crop prices and lower global nutrient benchmarks, Agrium drove further cost efficiencies across the organization, improved our operational performance and organically grew key product lines, which supported improvement in several key performance metrics.
Key Highlights from Our 2016 Annual Report
- In Wholesale, we achieved fixed cost reductions of $66-million in 2016 and improved overall capacity utilization rates for ammonia and phosphoric acid.
- In Retail, we achieved cost reductions of approximately $70-million, excluding our recent acquisitions.
- We acquired 76 retail locations in 2016, which are expected to add record additional revenues of over $500-million in the first year.
- We completed construction of our Borger nitrogen expansion on schedule and within budget.
- In September 2016, we announced our transformational Merger of Equals with Potash Corporation of Saskatchewan Inc., which will generate substantial synergies and growth opportunities, while creating the largest crop nutrient company in the world.