Yara reduces ownership stake in Yara Praxair
(Thomson Reuters ONE) -
Oslo (2011-10-05): Yara International ASA and Praxair, Inc. (NYSE:PX) have
signed an agreement whereby Yara will reduce its ownership in the Yara Praxair
AS industrial gases joint venture in Scandinavia from 50% to 34%.
The Yara Praxair joint venture was formed in late 2007 and comprised Yara 's
industrial gas businesses located in Norway, Denmark and Sweden. The venture
will continue to operate under the name Yara Praxair AS and be based in Oslo,
Norway.
Yara and more recently Yara Praxair have served the Scandinavian industrial
gases market as one of the leading suppliers to over 30,000 customers for nearly
30 years. The business generated annual sales of approximately USD $173 million
in 2010.
"Praxair and Yara have had a highly fruitful collaboration since the formation
of the joint venture and we are confident that this partnership will further
strengthen and grow, continuing to generate significant value for our companies.
Praxair sees the importance of the Scandinavian market for its growth ambitions,
and acquiring a majority stake in YaraPraxair provides Praxair with a solid
platform to shape the strategic direction of the company" said Jørgen Ole
Haslestad, CEO and President of Yara International ASA. "Yara will continue to
be a valued and trusted partner in the years to come," Haslestad added.
"Yara has proven to be an excellent venture partner," said Steve Angel,
chairman, CEO and president of Praxair, Inc. "Given the opportunities we see to
expand in Scandinavia coupled with the strong market position and name
recognition that Yara enjoys there, we are pleased to have Praxair take a more
active role in directing the industrial gases business going forward," Angel
added.
The expected gain from the transaction in fourth quarter is approximately NOK
300 million before tax. In addition, Yara will recognize a fair value
revaluation gain on the remaining 34% ownership of approximately NOK 650
million.
Contact
Thor Giæver, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 48 07 53 56
E-mailthor.giaver(at)yara.com
Esben Tuman, Media Relations
Cellular (+47) 90 50 84 00
E-mailesben.tuman(at)yara.com
Yara International ASA is the world's 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, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 7,300 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
industry.
www.yara.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
[HUG#1552075]
Unternehmensinformation / Kurzprofil:
Datum: 05.10.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 73168
Anzahl Zeichen: 3797
contact information:
Town:
Oslo
Kategorie:
Business News
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"Yara reduces ownership stake in Yara Praxair"
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