Yara International ASA has announced plans to divest its fertilizer import and distribution subsidiary in Ivory Coast.
“The decision to divest is driven by the acknowledgment that Yara’s ambition to become a true leader in the Food Systems Transformation in Africa can only be reached in a phased approach,” said Luis Alfredo Pérez, SVP Yara Africa. “A necessary first step is to right-size our geographical footprint and prioritize those specific crops and regional segments offering the highest opportunity to establish closed-loop partnerships, which will secure a sustainable improvement in the Sub-Saharan smallholder farmer’s productivity and profitability.”
The divestment transaction is anticipated to be finalized by the end of April 2024. Yara said it would reveal the name of the buyer when the transaction closes.
“Yara has always put its employees at the forefront of its decision-making and this point we can assure our employees that no jobs will be lost due to this decision, we value our talented workforce, and understand that they are instrumental in our success,” said Taz Hassim, Human Resources Business Partner, Yara Africa.
The Ivory Coast news follows Yara International France’s finalization in July of the sale of its 65% stake in Yara Cameroon to NJS Group, the local historical minority shareholder. NJS is now the only shareholder.
Yara said that deal paved the way for NJS on ambitious expansion projects. Yara said with NJS Group’s extensive presence in not only Cameroon but also neighboring countries, it is well positioned to support food security, growth, and innovation.
Yara said it concluded an exclusive distribution agreement with NJS to provide premium NPK fertilizers, YaraMila, and YaraLiva Nitrabor Calcium Nitrate, assuring farmers and retailers an assured supply of these products. Yara will also provide technical and operational support to NJS.