corrected revenue information: Yara evaluates strategic options for marine technology business
Oslo, Norway, 24 September 2018: Yara International ASA is evaluating strategic options for the Yara Marine Technologies ("YMT") business, including a potential sale.Yara has seen strong growth prospects in environmental abatement solutions and technology over time, and as part of this effort it saw an opportunity to acquire Green Tech Marine in 2014 to strengthen its capabilities within marine abatement technology. The business has developed very well, confirming the potential of its technology to deliver solutions to new emission regulations.
YMT today offers a complete SOX and NOX abatement solution portfolio to the marine segment, and is among the world's top three scrubber suppliers, well positioned for growth as the new IMO marine sulphur emission regulations come into force in 2020. YMT sales are set to reach around NOK 700 million in 2018, and are expected to more than double from 2018 to 2019.
"Entering the next growth phase for YMT, it is natural to consider whether a new ownership structure may be the best way forward both for Yara and YMT. Yara has a long history of adjusting its portfolio when the conditions are right, most recently with the divestments of GrowHow UK in 2015 and the CO2 business in 2016. We will continue to evaluate both acquisition and divestment opportunities based on their value creation potential," says Svein Tore Holsether, President and Chief Executive Officer of Yara International ASA.
Yara is currently evaluating different options for YMT, and no decisions have yet been made regarding its future ownership. The YMT business is performing strongly, and will continue to operate and invest according to its current plans.
Thor Giæver, Investor Relations
Cellular (+47) 48 07 53 56
E-mail: thor.giaver@yara.com
Esben Tuman, Media Relations
Cellular (+47) 90 50 84 00
E-mail: esben.tuman@yara.com
About Yara
In collaboration with customers and partners, Yara grows knowledge to responsibly feed the world and protect the planet, to fulfill its vision of a collaborative society, a world without hunger and a planet respected.
Our crop nutrition solutions and precision farming offerings allow farmers to increase yields and improve product quality while reducing environmental impact. Our environmental and industrial solutions improve air quality and reduce emissions, and are key ingredients in the production of a wide range of products. We foster an open culture of diversity and inclusion that promotes the safety and integrity of our employees, contractors, business partners, and society at large.
Founded in 1905 to solve emerging famine in Europe, Yara has a worldwide presence with more than 17,000 employees and operations in over 60 countries. In 2017, Yara reported revenues of USD 11.4 billion.
www.yara.com
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