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.