Agrium (NYSE:AGU) has sold its stake in a urea unit back to one of China's top release fertilizer companies, Hanfeng Evergreen Inc. (TSE:HF).
The company had a 50 percent stake in the Hanfeng unit, which developed Sulphur Coated Urea for the company.
It operated under the name of "Hanfeng Slow Release Fertilizer (Canada) Co. Ltd."
The 50 percent stake will be acquired for $2.3 million in cash, while Agrium will get another 100,000 shares in the parent company of the unit, Hanfeng. That brings the stake of Agrium in Hanfeng to 19.6 percent.
Among the assets held by the division are a facility in Shanxi province, China, which produces 50,000 tons of urea annually.
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