Yara to sell its 50% stake in GrowHow UK
(Thomson Reuters ONE) -
Oslo, 1 July 2015: Yara International ASA, through its wholly owned subsidiary
Yara UK Limited, has agreed with CF Industries to sell its stake in GrowHow UK
Group Limited ("GrowHow") for a total enterprise value (50% basis) of USD 648
million, of which USD 68 million relates to an unfunded pension liability.
Yara and CF Industries have each owned 50% of GrowHow since 2007 and 2010
respectively. A shoot-out process defined in the shareholder agreement was
triggered early 2015 and both Yara and CF Industries have bid for the assets
during this process.
GrowHow has two production sites in Ince and Billingham with a total production
capacity of approximately 0.8 million tons of ammonia, 1.1 million tons of
ammonium nitrate and 0.5 million tons of compound NPK. With limited export
possibilities, GrowHow primarily serves the UK fertilizer market. In 2014
GrowHow delivered an EBITDA of USD 156 million based on IFRS.
"The final bid from CF represents an attractive value to Yara. We remain
dedicated to British agriculture and look forward to continue to work with UK
farmers to increase their yield and profitability with our high quality products
and services. Furthermore, Yara's growth strategy remains on track, as we work
hard both to deliver already committed projects and to develop our pipeline of
new opportunities," said Torgeir Kvidal, President and CEO of Yara.
The sale is expected to generate an after-tax gain reported within EBITDA of
approximately NOK 3 billion calculated based on May figures. The gain will be
impacted by changes to the net debt, net working capital and currency rates
until closing. The completion of the transaction is subject to customary closing
conditions.
Contact
Anders Lerstad, Investor Relations
Cellular: (+47) 93 42 69 54
E-mail: anders.lerstad(at)yara.com
Bernhard Stormyr, Media Relations
Cellular: (+47) 90 10 76 85
E-mail: bernhard.stormyr(at)yara.com
About Yara
Yara's knowledge, products and solutions grow farmers' 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.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Yara International ASA via GlobeNewswire
[HUG#1933036]
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 404163
Anzahl Zeichen: 3783
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 150 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Yara to sell its 50% stake in GrowHow UK"
steht unter der journalistisch-redaktionellen Verantwortung von
Yara International ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
