Yara enters agreement to sell its European CO2 business
(Thomson Reuters ONE) -
Oslo, 15 September 2015: Yara International ASA has signed a non-binding Heads
of Terms with U.S.-based Praxair, Inc. to sell its European CO(2) business for
EUR 218 million. The agreement also includes a sale of Yara's remaining 34%
stake in the Yara Praxair Holding AS joint venture to Praxair for an estimated
EUR 94 million.
"The CO(2 )business has been an attractive and long-standing part of Yara's
portfolio, but remains a relatively small part of the broader industrial gas
industry, and where Praxair is well positioned to create additional value. I am
confident that this business will be further strengthened under Praxair's
ownership, and at the same time this agreement allows Yara to re-deploy
management and financial capacity to other value-creating opportunities" said
Svein Tore Holsether, president and Chief Executive Officer of Yara
International ASA.
The proposed transaction is conditional upon final transaction agreements,
obtaining necessary approvals from competition authorities, and other customary
closing conditions. The transaction is expected to close in the first quarter of
2016, with a provisionally estimated post-tax gain of EUR 150 million including
the Yara Praxair Holding AS sale.
In 2014, Yara's European CO(2) business sold more than 850 thousand metric tons
of liquid CO(2) and 50 thousand metric tons of dry ice, delivering an EBITDA of
EUR 21.5 million and revenues of EUR 112 million primarily from the food and
beverage industry. The business operates 5 CO(2 )liquefaction plants, 3 CO(2)
ships, 7 ship terminals and 6 dry ice production facilities.
The Yara Praxair Holding AS joint venture, operating in Scandinavia and formed
in 2007, had a 2014 EBITDA of EUR 35 million and revenues of EUR 145 million
(100% basis). Yara's exit from the joint venture is regulated through a put/call
option in the joint venture agreement.
The Heads of Terms also includes an agreement for Yara to supply Praxair with
raw CO(2), gas and continue to operate three of the CO(2) liquefaction units
which are integrated within Yara's fertilizer plants.
Contact
Thor Giæver, Investor Relations
Mobile: (+47) 48 07 53 56
E-mail: thor.giaver(at)yara.com
Esben Tuman, Media Relations
Telephone: (+47) 24 15 70 26
Mobile: (+47) 90 50 84 00
Email: esben.tuman(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#1951864]
Unternehmensinformation / Kurzprofil:
Datum: 15.09.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 420010
Anzahl Zeichen: 4221
contact information:
Town:
Oslo
Kategorie:
Business News
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"Yara enters agreement to sell its European CO2 business"
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