Imc Makes Deal For Vigoro Corp.

IMC Global Inc. said Monday it will buy Vigoro Corp. for $1.19 billion in stock, creating North America’s largest fertilizer maker.

Fertilizer companies, profiting from rising prices, are using acquisitions to expand their presence in developing countries such as China and India.

Through its IMC-Agrico joint venture, IMC makes phosphatebased fertilizers and animal-feed ingredients at six plants in Florida and Louisiana. IMC also owns two potash mines and refineries in Saskatchewan and one mine and plant in New Mexico.

Vigoro, with 1994 revenue of $727 million, makes potash at two mines in Saskatchewan and a mine in Michigan. It also makes nitrogenbased fertilizers at two U.S. plants.