Yara to sell chemical supply activities to Brenntag

25 April 2008 09:01  [Source: ICIS news]

MUMBAI (ICIS news)--Yara plans to sell its chemical supply business at Koping in Sweden and Tertre in Belgium to Germany’s Brenntag, as part of its commitments with the European Union for its acquisition of Kemira GrowHow, Yara said on Friday.

The European Commission had approved Brenntag as a purchaser, the Norway-based fertilizer producer said.

As part of the agreement, Yara would have to divest its ammonium nitrate (AN) solution, aqueous ammonia and weak nitric acid operations at the two sites, it added.

The sale agreement was subject to regulatory approval and was expected to be completed in the second quarter of 2008, it said.

"The sale would result in a gain of €11m ($17.19m) which will be booked in Yara's second quarter results," the company added.

($1=€0.64)

By: Isha Jha
+65 6780 4359

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