Nutrien delivers additional $750 million in economic output in Saskatchewan
March 7, 2019 2:41 pm
As Nutrien builds a company for the future of global agricultural, it is also having an immediate impact on Saskatchewan’s economy.
According to an economic impact study prepared by Ernst & Young (EY), Nutrien delivered an additional $750 million in economic output in Saskatchewan in 2018.
Speaking to hundreds of community and business leaders at a meeting organized by the Greater Saskatoon Chamber of Commerce, Nutrien President and CEO Chuck Magro said the first-year performance is an indication of how a growing Nutrien contributes to a growing Saskatchewan.
“Put as plainly as possible, when Saskatchewan wins Nutrien wins – and when Nutrien wins, Saskatchewan wins,” said Magro. “We are joined at the hip. When we can be successful, it’s good for the entire province.”
The EY study demonstrated the impact of Nutrien’s growth on the province. The 2018 impact of $750 million included $460 million in operational activity – much of it driven by increased potash production – as well as additional capital investments and a commitment to the new Nutrien Tower currently under construction.
Magro said the first-year performance demonstrates the potential for long-term growth.
“As we continue to grow our company around the world, it will have a significant impact on Saskatchewan,” said Magro. “If Nutrien is successful in the execution of its business strategy, we believe we can add an additional $1.5 billion more to the local economy in the coming years.”
Nutrien recognized that capturing its global opportunity requires investment in its local operations. It also requires hiring more people with the knowledge and skills to meet Nutrien’s global commitments; working with more suppliers who can support the company’s operations; and investing in relationships that encourage long-term growth for the community and company.
Nutrien currently employs about 4,000 people in the province – at its offices, operating sites and retail outlets. That includes a 30 percent increase in its corporate office in Saskatoon. To prepare for long-term growth, Nutrien is investing more than $50 million in the new Nutrien Tower under construction at River Landing in Saskatoon.
The company has also relocated its Canadian Retail office to Regina, which is a $2 billion business that operates 120 retail outlets in Saskatchewan and serves more than 15,000 farmer customers.
In addition, it sourced products and services from 2,000 Saskatchewan suppliers spending about $700 million locally. According to the EY study, that extended impact of Nutrien’s operations supports an estimated 13,000 jobs in the province.
“We’re proud of that and we are committed to continue to support local businesses and Aboriginal suppliers in our community,” said Magro. “We expect this commitment to grow as our company grows.”
Nutrien is involved with more than 200 community partners, providing financial and volunteer support.
Nutrien also supports more than 200 community organizations in the province and recently signed a 10-year, $13 million agreement with STARS Air Ambulance.
Magro said the extended impact of Nutrien’s growth is a sign of how the new company will deliver long-term benefits.
“We’ve created something special that is great for Canada, Western Canada and Saskatchewan,” said Magro. “It will be great for all our stakeholders, including employees, shareholders, customers and suppliers.
“Canada doesn’t have enough Canadian champions who can compete on the global stage. Nutrien is designed to be one of them.”
See the stories behind the numbers at nutrien.com/Saskatchewan.