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Hydro Agri Will Become Yara
OSLO, Norway, Dec. 19 /PRNewswire-FirstCall/ -- Hydro Agri will take the name
Yara upon the demerger and stock exchange listing planned for March 25, 2004.
At the same time Yara will keep the rights to the "viking ship" for use in their
new logo and marketing.
-- We have found a short name built on our traditions with a strong affiliation
to our activities. The name will carry our message all over the world in a
distinct way. In addition we see great possibilities to link our new name to
our cultural heritage with the strongly recognized (acknowledged) symbol which
we will bring with us from Hydro, says Thorleif Enger, who will head the new
listed company.
Yara is a designed name with its' starting point in both the Norse lingual
heritage and in the old Germanic rune alphabet". In the Norse language Jar
creates the prefix jardar, often tied to cultivated land:
* Jardavoxtr -- crop from the soil -- which is growing
* Jardareign -- property of land
* Jardarhofn -- a person who owns and cultivates the land
Jara is moreover the twelfth character in the rune alphabet and means "the
year," often signifies a good year with good harvest (crop, production). The
word Jara is also the origin to "year" in English and "Jahr" in German.
-- To make it easier to pronounce the word jara in a consistent way in multiple
languages, we have chosen the prefix Y that incidentally relates to the English
word "Yield" (produce, support, profit), which is the core message in our
business, says Enger.
Yara will continue with the viking ship symbol in the new logo and marketing.
Different versions of the Viking ship have been the core element in Hydro's logo
since the company's inception in 1910, and today's version has been in use for
the last 20 years. The Viking ship is a well recognized brand for Hydro's
fertilizer products all over the world.
Hydro Agri is the world's leading fertilizer company and the only global player
in the fertilizer industry. Hydro Agri is present in approximately 50 countries
and sold 22 million tons of fertilizers to customers in 130 countries in 2002.
Hydro has decided to position Agri for further growth through a listing of as a
separate company. The listing of the new company on the Oslo stock exchange is
planned for March 25th, 2004, and the company will have its headquarter in Oslo.
Thorleif Enger, who has led Hydro Agri since 1999, will continue to lead the
new company after the separation from Hydro and listing.
Certain statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that are not in the nature of historical facts
may be deemed to be forward-looking statements and may contain identifying words
such as "believes," "anticipates," "plans," "expects" and similar expressions.
These forward looking statements are based on Hydro's current expectations,
assumptions, estimates and projections about the company and the industries in
which it engages in business. All forward-looking statements involve risks and
uncertainties. For a detailed description of factors that could cause Hydro's
actual results to differ materially from those expressed in or implied by such
statements, please refer to its annual report on Form 20-F for the year-ended
December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities
and Exchange Commission. With respect to each non-GAAP financial measure Hydro
uses in connection with its financial reporting and other public communications,
Hydro provides a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the non-GAAP and
GAAP measures. This information can be found in Hydro's earnings press
releases, quarterly reports and other written communications, all of which have
been posted to Hydro's website ( http://www.hydro.com/ ).
For further information, please contact: Arne Cartridge, Chief Communication
Officer of Norsk Hydro, cellular, +47 47 900 900, or Norsk Hydro ASA, Hydro
Agri, N-0240 OSLO, Norway, (+47) 22 53 81 00, or fax, (+47) 22 53 26 80,
http://www.hydro.com/ .
DATASOURCE: Norsk Hydro
CONTACT: Arne Cartridge, Chief Communication Officer of Norsk Hydro,
cellular, +47 47 900 900, or Norsk Hydro ASA, Hydro Agri, N-0240 OSLO, Norway,
(+47) 22 53 81 00, or fax, (+47) 22 53 26 80
Web site: http://www.hydro.com/