 "Yara’s Porsgrunn plant in Norway")
Yara International ASA on December 4, 2015 signed an agreement to acquire Greenbelt Fertilizers, a leading distributor of fertilisers in Zambia, Malawi and Mozambique for $ 51 million. Zambia with its neighbouring countries make up a fast-growing agricultural region with low but increasing fertiliser application rates, and Yara expect continued fertiliser demand growth in the region.
Greenbelt started operations in Zambia in 2004 and has become a leading fertiliser distributor in Zambia, Malawi and Mozambique, with sales of 80 kilotonnes and an EBITDA of $ 5 million in the fiscal year ending 31 March 2015. Greenbelt owns three blending plants and three warehouses. The transaction value includes net working capital of $ 32 million.
“This acquisition re-confirms Yara's long-term commitment to Africa. Greenbelt fits well with Yara and will further improve our downstream position within a fast-growing agricultural region,” said Terje Knutsen, head of downstream, Yara.
The transaction is expected to close in first quarter 2016, subject to competition authority approval and other customary closing conditions.
