Yara reduces ownership stake in Yara Praxair
Yara International ASA and Praxair, Inc. have signed an agreement whereby Yara will reduce its ownership in the Yara Praxair AS industrial gases joint venture in Scandinavia from 50% to 34%.
The Yara Praxair joint venture was formed in late 2007 and comprised Yara 's industrial gas businesses located in Norway, Denmark and Sweden. The venture will continue to operate under the name Yara Praxair AS and be based in Oslo, Norway.
Yara and more recently Yara Praxair have served the Scandinavian industrial gases market as one of the leading suppliers to over 30,000 customers for nearly 30 years. The business generated annual sales of approximately USD $173 million in 2010.
The expected gain from the transaction in fourth quarter is approximately NOK 300 million before tax. In addition, Yara will recognize a fair value revaluation gain on the remaining 34% ownership of approximately NOK 650 million.
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