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ADM completes sale of South American fertilizer business

Archer Daniels Midland Co. has completed the $350 million sale of its South American fertilizer business.

The sale to The Mosaic Co., announced in April, include five blending facilities in Brazil and Paraguay. The purchase price includes $150 millon in working capital.

“The completion of this sale is an important part of our ongoing portfolio management,” ADM chairman and CEO Patricia A. Woertz said in a statement. “At the same time, we look forward to continuing to partner with growers in that important region through our grain origination and fertilizer distribution network.”

Chicago-based ADM will buy fertilizer from Mosaic and supply certain fertilizer customers in Brazil and Paraguay under terms of the transaction.