Yara International Buys Pilbara Ammonia Plant in Australia

   By Kjetil Malkenes Hovland 
 

OSLO--Norway's Yara International ASA (YAR.OS, YARIY) said Thursday it had taken full ownership in the Pilbara ammonia plant in Australia, by acquiring Apache Fertilisers Pty Ltd. for $391 million.

Apache Fertilisers Pty Ltd. had a 49% ownership in Yara Pilbara Holdings Pty Ltd., which controls the Pilbara plant, while Yara held the remaining 51%.

"We are pleased to secure full ownership of the Pilbara ammonia plant, which is the largest and most modern ammonia plant in Yara's portfolio," said Yara Chief Executive Svein Tore Holsether.

The Pilbara plant has a capacity of 850,000 tons of ammonia per year and in 2014 reported earnings before interest, taxes, depreciation and amortization, or Ebitda, of $218 million.

Yara Pilbara Holdings Pty Ltd also owns a 20.4% stake in Yara Pilbara Nitrates, a joint venture between Yara, Orica and Apache Corp. that is building a technical ammonium nitrate plant with a capacity of 330,000 tons a year, scheduled to be completed early 2016.

Write to Kjetil Malkenes Hovland at [e-mail]

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(END) Dow Jones Newswires

October 29, 2015 04:46 ET (08:46 GMT)

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