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(2008-05-28 07:30)
Yara Acquires Stake in Agrico CanadaOslo (2008-05-28): Yara International has purchased 25% of Agrico Canada Ltd, a leading supplier of fertilizer products and services in Canada and the USA. Yara's partnership with Agrico Canada marks a logical progression for two companies committed to serving the needs of Canadian agriculture. "Agrico has a long tradition and commitment to our business and is focused on growth. We welcome the opportunity of a closer working relationship", says Thorleif Enger, President and CEO of Yara International ASA.
Besides providing an improved fertilizer import position, the cooperation will enhance operational efficiency. The partners have complementary flagship terminals at Hamilton (Agrico) and Contrecoeur (Yara).
"We have been providing Canada with top quality fertilizer products for over 75 years", says Robert Whitelaw, President of Agrico Canada. "We are pleased to have found a partner that shares our focus on value-added service based on tradition and customer care. We look forward to working together with a truly global player in our industry."
Agrico Canada owns 5 storage terminals, including one deep-water facility, and leases a further 5 terminals for a total storage capacity of 235,000 tons. These facilities are located across Canada to supply key markets with primary nutrients, micronutrients and specialty fertilizers.
Agrico's nationwide distribution system consists of 4 company-owned retail outlets, 10 joint ventures and a number of independent dealers. Agrico has 42 full-time employees and had revenues of approximately CAD 160 million in 2007.
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 33 98 32
E-mail torgeir.kvidal@yara.com
Hamed Brodersen, Media Relations
Cellular (+47) 40 46 81 10
Yara International ASA is a 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 and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.
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