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Yara to acquire 100 percent of Phosyn
Yara International ASA has entered into a letter of intent with the other shareholders of the UK based micronutrient company, Phosyn plc, to increase its shareholding position from 35 to 100 percent. This planned, (and not unexpected) acquisition confirms Yara's commitment to expanding its speciality plant nutrition business. "Phosyn is a perfect match for Yara, supporting our ambition to provide farmers with an unmatched plant nutrition concept," says Tove Andersen, Head of Yara Specialities, who also sees the acquisition as a means to achieve cost synergies and improve scale in marketing and distribution of products through Yara's Downstream global distribution network. The closing date for the acquisition is expected to be during second quarter 2006 subject to approval by regulatory authorities. The parties have agreed not to disclose the purchase price. Phosyn is a global leader within the business of foliar applied micronutrients, with a turnover close to GBP 30 million in 2005, of which approximately 90% is export related. The company has developed profitably over several years and achieved an EBITDA of GBP 4.8 million in 2005. The total number of employees is 146 with production and head office in Pocklington, UK.
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