Milan, 3 October 2017 – Maire Tecnimont S.p.A. announces that its subsidiary Stamicarbon has acquired a 20% stake in Pursell Agri-Tech, LLC, a U.S.-based start-up company specialized in developing and marketing polymer-coated, controlled-release fertilizers.
The amount of Stamicarbon’s investment is equal to USD 5.5 million.
Pursell Agri-Tech, headquartered in Sylacauga, Alabama, has developed a new technology to coat fertilizers at very competitive cost levels, to produce controlled-release fertilizers that are suitable for efficient fertilization of broad-acre commodity agricultural crops. This innovative technology combines proprietary polymer compositions and a high-performance coating process to deliver a range of controlled-release fertilizers, notably urea, resulting in a highly sustainable crop nutrient solution that boosts farmers’ yields while also reducing the potential impact on the environment.
Stamicarbon and Pursell Agri-Tech have also entered into an industrial cooperation whereby Stamicarbon will be the exclusive global licensing partner, licensing the technology to interested parties outside North America, such as major urea producers, and large fertilizer producers or distributors, while Pursell Agri-Tech will develop with selected dedicated partners the North American market, where Stamicarbon will act as a non-exclusive licensing partner. The parties will also work closely together in an open innovation platform on the development of other new businesses and technologies.
“This strategic investment opens us a new promising market, such as the coated fertilizers’, and represents a new milestone in the Group’s strategy of developing innovative technologies adjacent to our core business – commented Pierroberto Folgiero, Chief Executive Officer of Maire Tecnimont Group. In addition, this synergic collaboration will combine Stamicarbon’s global network and technological capability with Pursell Agri-Tech leading expertise in coated fertilizers, enabling us to pursue promising initiatives in the controlled-release fertilizers worldwide.
Nick Adamchak, Chief Executive Officerof Pursell Agri-Tech said: “Pursell Agri-Tech is delighted to welcome Stamicarbon as a shareholder and to enter into this strategic partnership with them. We’re confident it will allow for better fertilizers to become widely available, paving the way for more sustainable climate-smart agriculture worldwide. Stamicarbon has a global network in the urea production market, and a proven record of leading through continuous innovation.”