Yara divests NPK plant stake in Voronezh, Russia

Yara International ASA (OSE: YAR) has decided to sell its indirectly held minority position in Rossosh NPK plant in Russia for 390 million USD. Before the transaction Yara has also received 64 million USD net dividends. President and CEO Jørgen Ole Haslestad said this represented an attractive price for a holding that is hard to integrate with the rest of Yara’s business and marketing since it is a minority position, despite the fact that it otherwise fits portfolio. The sale will result in before taxes profit of 1.4 billion NOK in Q3.

Yara's asset is a 30 percent portion of the plant via an ownership stake in holding company that owns 79.59% in the fertilizer plant called OAO Minudobreniya. The plant has an annual production capacity of one million tons of ammonia, one million tons of NPK and 500 kilotons of ammonium nitrate. Yara and other shareholders of the holding company Yaibera Holdings Limited are selling shares of Yaibera to Laguz Management Limited, which is a company controlled by high profile millionaire Arkady Rotenberg.