OSLO, NORWAY: Yara International ASA said that it has signed an agreement to acquire the assets of West Sacramento nitrogen operations from Agrium for a purchase price of $27 million.
Yara will utilize the location as an import terminal for finished products, optimizing the site within the total footprint of Yara’s West Coast operations.
The transaction is expected to close by the end of 2015.
This acquisition underlines Yara’s commitment to better serve the needs of agricultural communities on the West Coast. The terminal will increase the company’s storage capacity, allowing for a continuous, predictable, year-round product supply and limiting the chances of product shortages. Greater storage capacity will also improve product flow at Yara’s other California-based locations, especially during the busy peak seasons, it said.
“As the world’s largest producer of mineral fertilizer, we believe strongly in the prospects of California’s farmers and retailers. This planned acquisition emphasizes our commitment to the region’s agricultural market
,” said Jorgen Arentz Rostrup, president, Yara North America.
“We believe that our broad portfolio of value-adding crop nutrients and commodities are well-suited to meet the needs and challenges faced by California’s agricultural communities,” said Rostrup.
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