Yara sells chemical supply activities to Brenntag
Apr 25, 2008
On 19 September 2007 Yara submitted a package of commitments to the European Commission for the conditional approval of its acquisition of Kemira GrowHow Oyj. One of the commitments concerned the divestment by Yara of its AN solution, aqueous ammonia and weak nitric acid supply activities conducted from the Köping production site in Sweden and the AN solution, aqueous ammonia, weak nitric acid and concentrated nitric acid supply activities conducted from the Kemira GrowHow production site at Tertre, Belgium. In each case, related production and distribution assets form part of the sales package.
Yara has reached agreement with the Brenntag Group to sell the Köping supply activities to Brenntag Nordic AB and the Tertre supply activities to Brenntag NV. The European Commission has approved Brenntag as a Purchaser and the form of the agreements. As a result, a major step has been taken towards the fulfillment of the Commitments to the European Union related to the approval of Yara's acquisition of Kemira GrowHow Oyj. Closing is conditional on regulatory approvals and is expected to occur during the second quarter of 2008. The sale will result in a gain of EUR 11 million which will be booked in Yara's second quarter results.
Yara is pleased that the customers of these businesses will be served by a dedicated and professional operator, and looks forward to supplying Brenntag under the new agreement.
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
Hamed Brodersen, Media Relations
Cellular (+47) 40 468 110
Yara International ASA is a leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com