(RTTNews.com) – Norwegian fertilizer business Yara International ASA (YARIY.PK) Friday said it has signed an agreement to acquire Greenbelt Fertilizers, a distributor of fertilizers in Zambia, Malawi and Mozambique for $51 million.
The transaction value includes net working capital of $32 million.
The deal is expected to close in first quarter 2016, subject to competition authority approval and other customary closing conditions.
Yara said it expects continued fertilizer demand growth in Zambia with its neighbouring countries, which is a fast-growing agricultural region with low but increasing fertilizer application rates.
Greenbelt started operations in Zambia in 2004, and has sales of 80 kilotons and an EBITDA of $5 million in the fiscal year ending 31 March 2015. Greenbelt owns three blending plants and three warehouses.
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.