Oslo, 22 October 2014: The Board of Yara International ASA has approved an investment of NOK 2,250 million (USD 350 million) to increase value-added fertilizer capacity in the Porsgrunn plant in Norway.
The investment, will add 50 kilotons of compound NPK annual capacity and 200 kilotons of calcium nitrate annual capacity. In addition, the investment will enable optimization of production in Yara's Glomfjord and Uusikaupunki sites, adding a further 150 kilotons of annual NPK capacity.
NPK and calcium nitrate are key value-added fertilizers in Yara's product portfolio, which benefit cash crops in particular.
"This investment confirms Yara's ambition to create value through brownfield expansions and debottlenecking projects. Furthermore it strengthens our position as the global NPK leader and shows our dedication to provide farmers with premium products and agronomic competence to increase agricultural productivity" says Torgeir Kvidal, Acting CEO and President of Yara.
The project includes a new-build nitric acid plant and innovative technology application, which further bring down greenhouse gas emissions, improve energy efficiency and reduce waste.
Construction will start immediately and the expansion is expected to be finalized in 2017.
Anders Lerstad, Investor Relations
Cellular: (+47) 93 42 69 54
Esben Tuman, Corporate Communications
Telephone: (+47) 24 15 70 26
Cellular: (+47) 90 50 84 00
Yara delivers solutions for sustainable agriculture and the environment. Our fertilizers and crop nutrition programs help produce the food required for the growing world population. Our industrial products and solutions reduce emissions, improve air quality and support safe and efficient operations. Founded in Norway in 1905, Yara has a worldwide presence with sales to 150 countries. Safety is always our top priority.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)