PotashCorp announced its decision Monday to merge with agricultural product company Agrium Inc.

“The new company, to be named prior to the transaction’s closing, combines low-cost, world-class potash and high-quality nitrogen and phosphate production assets with a premier agricultural retail network to forge an integrated crop inputs platform to better serve customers,” a press release stated. “The new company will be a leader in the fertilizer industry with close to 20,000 employees, operations and investments in 18 countries, and a pro forma enterprise value of $36 billion.”

PotashCorp announced it was in talks with Agrium on Aug. 30, but would not give further details at the time.

Both companies’ boards of directors unanimously approved the merger agreement, according to the release, and final regulatory approvals are expected to occur in 2017.

Ray McKeithan, director of public and governmental affairs at PotashCorp-Aurora, could not comment on the merger and referred questions to corporate offices.

Randy Burton, director of public relations and communications at corporate offices, said it was too early to tell if there would be changes at individual locations, but both companies will operate as usual well into next year.

“There will be an integration plan developed upon approval of the transaction, which will identify any changes in leadership or corporate functions,” Burton said. “Generally, we expect to maintain a strong workforce in each of the new company’s operations, and the vast majority of the synergies we have identified will come from logistics and distribution and are unrelated to the jobs count.”

PotashCorp President and Chief Executive Officer Jochen Tilk stated in the release: “Our workforce and the communities in which we operate are critical to both PotashCorp and Agrium, and we intend to carry forward best practices from both companies in corporate social responsibility, including commitments to employees, operating communities and the environment.”

PotashCorp’s corporate offices are located in Saskatoon, Canada, and Agrium’s in Calgary, Canada.

PotashCorp is the largest crop nutrient company in the world, and its location in Aurora has more than 800 employees.