Simplot Partners ends affiliation with financially troubled Eco Soil

Golf Course News, Nov 2001 by Overbeck, Andrew

SAN DIEGO - The J.R. Simplot Co. has completed its acquisition of Eco Soil System's Turf Partners. Simplot, which has been operating the unit as Simplot Partners since July 2000, concluded its affiliation with the financially troubled Eco Soil in late September with the purchase of a group of specialty products.

The line of forty products include soil surfactants, wetting agents, spray dye indicators, foliar nutrients biostimulants, spray adjuvants, and tank cleaners.

"This is a significant acquisition for Simplot Partners and our customers," said Nick Spardy, vice president and general manager. "We have been the exclusive distributor of these products for some time, and now we can offer greatly improved service in terms of delivery and availability."

A MAKE GOOD SALE

It has been reported that the sale was the result of a dispute between Simplot and Eco Soil over improper transferring of funds before the Turf Partners acquisition. To settle the matter, Eco Soil agreed to give Simplot a $3.75 million credit.

According to a recent filing with the Securities and Exchange Commission, Eco Soil's auditors have resigned, in part, because of the dispute. Eco Soil is struggling to reorganize the company and sell "non-core" assets. Nasdaq stopped trading in Eco Soil's shares Sept. 5, and its stock last closed at $.10.