Plymouth-based Mosaic Co. has agreed to buy Archer Daniels Midland Co.’s fertilizer distribution business in Brazil and Paraguay for $350 million.

The deal is expected to significantly accelerate Mosaic’s previously announced growth plans in Brazil and replace a substantial amount of planned internal investment in that country, the company said in statement Tuesday.

“This acquisition provides a critical distribution platform in one of the world’s fastest growing agricultural regions,” Mosaic CEO James Prokopanko said in the release.

The deal would include four fertilizer blending and warehouse operations in Brazil and one in Paraguay. With the acquisition, Mosaic’s annual distribution in the region will increase from about 4 million tons to 6 million tons.

Mosaic is one of the world’s largest fertilizer makers, producing potash and phosphate crop nutrients.

Mike Hughlett