Yara expands downstream footprint in Africa
Oslo, 4 December 2015: Yara International ASA has signed an agreement to acquire Greenbelt Fertilizers, a leading distributor of fertilizers in Zambia, Malawi and Mozambique for USD 51 million.
Zambia with its neighbouring countries make up a fast-growing agricultural region with low but increasing fertilizer application rates, and Yara expect continued fertilizer demand growth in the region.
Greenbelt started operations in Zambia in 2004 and has become a leading fertilizer distributor in Zambia, Malawi and Mozambique, with sales of 80 kilotons and an EBITDA of USD 5 million in the fiscal year ending 31 March 2015. Greenbelt owns three blending plants and three warehouses. The transaction value includes net working capital of USD 32 million.
"This acquisition re-confirms Yara's long-term commitment to Africa. Greenbelt fits well with Yara and will further improve our downstream position within a fast-growing agricultural region," said Terje Knutsen, Head of Downstream.
The transaction is expected to close in first quarter 2016, subject to competition authority approval and other customary closing conditions.
Contact
Thor Giæver, Investor Relations
Telephone: (+47) 24 15 72 95
Cellular: (+47) 48 07 53 56
E-mail: thor.giaver@yara.com
Esben Tuman, Media Relations
Telephone: (+47) 24 15 70 26
Mobile: (+47) 90 50 84 00
Email: esben.tuman@yara.com
About Yara
Yara's knowledge, products and solutions grow farmers', distributors' and industrial customers' businesses profitably and responsibly, while nurturing and protecting the earth's resources, food and environment.
Our fertilizers, crop nutrition programs and technologies increase yields, improve product quality and reduce the environmental impact of agricultural practices. Our industrial and environmental solutions improve air quality by reducing emissions from industry and transportation, and serve as key ingredients in the production of a wide range of goods. We foster a culture that promotes the safety of our employees, contractors and societies.
Founded in 1905 to solve emerging famine in Europe, today, Yara has a worldwide presence, with more than 12,000 employees and sales to more than 150 countries.
www.yara.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Yara International ASA via Globenewswire