Yara negotiating sale of Yara Formates
Oct 10, 2005
Yara Formates produces and sells formates created from formic acid to a number of different applications, including grass and fish preservation, feed additives, de-icing of airports and oilfield chemicals. As the production of these products is not linked to Yara's main production infrastructure centered on nitrogen products, and as the customers are also different from Yara's other business, the synergies with Yara's core activities have been limited. ADDCON is a company focusing exclusively on the formates business and will have business advantages from expanding their business in this area.
The parties' intention is to finalize the negotiations within one month, with a take-over of the company at the latest by the end of the year. The book value of Yara Formates is slightly above NOK 200 million.
Egil Hogna, Investor Relations
Telephone (+47) 24 15 71 66
Cellular (+47) 90 187 865
Arne Cartridge, Media Relations
Telephone (+47) 24 15 73 01
Cellular (+47) 47 900 900
Yara International ASA is the world's leading supplier of mineral fertilizers with particular strength in nitrogen-based fertilizers. Yara has a local presence in 50 countries worldwide. Yara sells more than 20 million tonnes of mineral fertilizers in more than 120 countries. Yara offers fertilizers meeting the nutrient needs of local crops supported by agronomic advice to make farming more profitable and agriculture more sustainable. Yara has a strong position in industrial markets in Europe as a supplier of nitrogen-based chemicals and is the leading supplier of liquid CO2.www.yara.com