About Yara

New deal signed with Chile's SQM

Yara increased its indirect ownership in the Chilean specialty fertilizer company, SQM, to 24.9 percent in 2005, strengthening the relationship between the two companies.

The relationship between Yara and SQM began in 1999 with an agreement that allowed Yara to market Potassium Nitrate produced by SQM in Northern Europe, while SQM sold Calcium Nitrate, produced by Yara, in specific markets. The two companies initiated a global marketing agreement in 2001 – the success of which paved the way for further collaboration.

The global agreement covered a number of products, manufacturing facilities and marketing networks. While SQM was the sole distributor in selected markets in Latin America and the Middle East, Yara sold the complete portfolio of products in other countries. In 2004, Yara sold approximately 500,000 tons of SQM products, an increase of 19 percent compared with 2003.

Yara had been an indirect owner of SQM, through the Chilean companies Pampa Calichera and SQYA, since 2002. Through a series of transactions in December 2004 and January 2005, Yara and partners increased their equity holding in SQM from 20.8 percent, equaling the level of SQM’s other main shareholder, Canadian fertilizer company, PCS.

At the signing of the 2005 agreement, Yara President and CEO, Thorleif Enger, said: "Yara and SQM's products together provide customers with a complete and unique assortment of specialty fertilizers tailored to specific crops and soil conditions. The strengthening of Yara's position in SQM is a sign of our long-term commitment to SQM and specialty fertilizers."

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