Norway’s Yara sells stake in joint venture firm Yara Praxair

05 October 2011 09:38  [Source: ICIS news]

SINGAPORE (ICIS)--Yara is selling a 16% stake in industrial gases firm Yara Praxair to US-based equal joint venture partner Praxair, the Norwegian fertilizer major said in a statement on Wednesday.

“Yara will reduce its ownership in the Yara Praxair industrial gases joint venture in Scandinavia from 50% to 34%,” Yara said in a statement.

The Yara Praxair joint venture was formed in late 2007 and comprised Yara’s industrial gas businesses located in Norway, Denmark and Sweden.

“Praxair sees the importance of the Scandinavian market for its growth ambitions and acquiring a majority stake in Yara Praxair provides Praxair with a solid platform to shape the strategic direction of the company,” said Jorgen Ole Haslestad, CEO and president at Yara.

The transaction is expected to give Yara a pre-tax gain of around Norwegian kroner (NKr) 300m ($51m, €38m) in the fourth quarter of this year, the company said.

The venture will continue to operate under the name Yara Praxair and be based in Oslo, Norway, it said.

($1 = NKr5.94, €1 = NKr7.87)

Please visit the complete ICIS plants and projects database


By: Samuel Wong



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index