Yara to acquire Borealis' stake in French urea plant
Mary Page Bailey
Yara International (Oslo, Norway; www.yara.com) has accepted an offer from Borealis AG (Vienna, Austria; www.borealisgroup.com) to acquire Borealis' ownership in Le Havre, situated on the north-west coast of France, following the Borealis acquisition of GPN SA, including 52.15% ownership in the Le Havre urea plant.
Yara currently holds 47.85% in the facility, which produces 320,000 metric tons per year (m.t./yr) of urea, and 100% in another unit, which produces 400,000 m.t.yr ammonia.
The acquisition will simplify overall management of the facility to the benefit of Yara's activities in France and in Europe, and will allow greater flexibility and optimization of the site.
Access to an additional 160,000 m.t.yr urea will allow Yara to expand its sales to industrial customers in markets such as nitrogen oxide abatement and the animal feed sector.
The agreement with Borealis includes a urea supply agreement during a transition period.