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Yara sells holding in SQM but keeps global marketing agreement on specialty fertilizers
Yara International ASA has sold in April its indirect holding in SQM with a profit before tax of approximately USD 80 million.
Since 2001 Yara has held an indirect equity share of the Chilean mining company, Sociedad Quimica y Minera de Chile, S.A. ("SQM"), through the Chilean intermediate holding companies Pampa Calichera, Oro Blanco, Norte Grande and SQYA, currently equal to approximately 8% on a fully diluted basis.
Yara has decided to sell its ownership in SQM to entities controlled by its partner, Sr. Julio Ponce. SQM's successful development of its iodine and lithium businesses has increasingly exposed Yara to other businesses than fertilizer. The shares have therefore been sold to re-deploy funds to Yara's focused growth areas.
Since 2001 Yara has also had a global marketing agreement for specialty fertilizers produced by SQM, which has been very successful for both parties. The sale of the shares will have no impact on the marketing agreement, which both parties continue to see as mutually beneficial.
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