Yara International

Yara International ASA
Allmennaksjeselskap
Traded as OSE: YAR
Industry Chemicals
Founded 1905
Headquarters Oslo, Norway
Key people
 Svein Tore Holsether (President and CEO), Leif Teksum (Chairman)
Products Nitrogen fertilizers, nitrates
Revenue NOK 95.343 billion (2014)[1]
NOK 10.305 billion (2014)[1]
Profit NOK 7.625 billion (2014)[1]
Total assets NOK 88.980 million (end 2013)[1]
Total equity NOK 67.962 billion (end 2014)[1]
Number of employees
 12,073 (end 2014)[1]
Website www.yara.com

Yara International ASA is a Norwegian chemical company. Its largest business area is the production of nitrogen fertilizer,[2][3] however it also encompasses the production of dry ice, nitrates, ammonia, urea and other nitrogen-based chemicals.

The company was established as Norsk Hydro – the world’s first producer of mineral nitrogen fertilizers – in 1905 and demerged as Yara International ASA on March 25, 2004. Yara is listed on the Oslo Stock Exchange and has its headquarters in Oslo. The company has more than 12,000 employees, production sites on six continents, operations in more than 50 countries and sales to about 150 countries.[4]

The company has 3 areas of main activity:[1] 1 - Industrial Products: produce a wide range of nitrogen and specialty chemicals in addition to CO2, dry ice, and civil explosive solutions. 2 - Environmental Solutions: solutions for NOx abatement, odor control, water treatment and corrosion prevention. 3 - Agricultural Products: complete portfolio of fertilizer covering all necessary nutrients for any crop.

Structurally, there are 3 business platforms and operating segments (Upstream, Downstream, and Industrial), coordinated through the Supply and Trade platform to ensure synergies:[1] - Upstream: the production of nitrogen-based products for fertilizer and industrial uses. - Downstream: the sales, marketing, and distribution activities around the globe. - Industrial: development and processing of environmental solutions and industrial activities. - Supply and Trade: optimization of energy, raw materials, sourcing, logistics, and shipping.

History

1900-1905

The history of Yara dates back to the founding of modern Norwegian industry. The beginnings of modern Yara are found in the establishment of Norsk hydroelektiske kvelstoffaktieselskab, or Norsk Hydro, as it later became known as. Norsk Hydro was founded in December 1905 after nitrogen fertilizer was successfully produced at Notodden.[5]

Eyde, Birkeland, Wallenberg

Norsk Hydro was founded by the triumvirate of Sam Eyde, who ”brought the vision”, Kristian Birkeland, who ”brought the science”, and Marcus Wallenberg, who ”brought the capital.”[6] The weighting of the contributions of these three men has been subject to many discussions. Whatever the exact weighting, it is no doubt that they all were essential to the establishment of Norsk Hydro.[7] Norsk Hydro used Norway’s large hydroelectric-energy resources to produce its first product. The company pioneered direct nitrogen fixation, called the Birkeland-Eyde Process. This contribution to the fertilizer market attracted global attention as the product enabled farmers to boost their yields.

1906-1919

Hydrolectric power was as mentioned essential in order to produce the nitrogen fertilizer. As a consequence, two major power plants were built – one at Notodden, and one in Rjukan.[8] The company adopted an international perspective early, sending its first shipment to China in 1913.

1960-1969

Norsk Hydro was founded on advanced research. This work was driven by a need to diversify and develop new industries. Even though the production of mineral fertilizer was successful, the company expanded into other businesses, from fertilizers to oil and metals. In 1969, Norsk Hydro entered its first joint venture, with authorities in Qatar. With access to a competitive source of gas and a strategic location in the Middle East, the joint venture opened up a global market for the company.

1970-1977

Holte

Norsk Hydro was in the 1970s shaped under the leadership of Johan Holte who was CEO from 1967 to 1977.[9]

By the 1970s, the company was established in Asia, the Middle East and North America. The late 1970s to the mid-1980s was a period of rapid growth, through the acquisition of major fertilizer companies in France, Germany, the Netherlands and the UK. At the end of the 1990s, the company was also established in Brazil and South Africa.

2004-2008

In 2004, Hydro Agri demerged from Norsk Hydro and became an independent company called Yara International ASA. The company was listed on the Oslo Stock Exchange on March 25, 2004; and is a leading producer of ammonia, nitrates, nitrogen products, and NPK specialty fertilizers.[10]

Since then, Yara has continued to expand its global presence through investments in other countries, with many acquisitions, joint ventures, and new projects primarily in the African, and North and South American continents.

Yara Prize


"As part of the company’s centennial celebration in 2005 – and in response to the call for an African Green Revolution – Yara launched its prize to recognize outstanding contributions to African agriculture. In 2014, the Yara Prize will have a special focus on rural youth and the future of farming in Africa paying particular attention to food and nutrition security and the twin challenges of employment and income generation."[11]

2008-2014

In 2008, Thorleif Enger retired, and Jørgen Ole Haslestad became CEO. On his appointment, Haslestad stated: "Yara must continue its growth strategy. The company has many exciting opportunities to pursue, for instance when it comes to the environment, where we contribute to better balance in agricultural development and deliver some interesting industrial solutions to environmental problems."[12]

2014-

Yara International announced in September 2014 that it was in talks with CF Industries about a possible merger of equals, a deal worth over $27 billion.[13]

In January 2014, the corporation agreed to pay a $48 million fine, in 2004-2009 corruption case—admitting to bribes paid to senior government officials in India and Libya as well as to suppliers in Russia and India.[14] The fine was the largest ever of its kind in Norway.[15] The case puts two cohorts of Yara-executives up against each other.[16]

On 10 January 2014 Norway's Cabinet approved the indictment of Daniel Clauw|a former CEO of the corporation, in connection with Norway's investigation of the corporation.[17] It is a former CEO, alongside three others in the Yara-leadership who have been indicted in the case.[18]

Norwegian authorities were informed by the company in 2011, that the company might have been involved in corruption in advance of negotiations in 2008 (that led to an investment of 1.5 billion Norwegian kroner in a 50 percent share of Libyan Norwegian Fertiliser Company,[19] or LIFECO, in 2009).[20]

Acquisitions, joint ventures and expansions

Libyan Norwegian Fertiliser Company B.V.,[32] registered in the Netherlands, is co-owned by "Libyan partners ... with close ties to Muammar Gaddafi and his clan" (and Yara) according to Dagens Næringsliv.[33] Authorities have frozen the joint venture's bank accounts, in the Netherlands.[34]

Chairmen

CEOs

References

  1. 1 2 3 4 5 6 7 8 "Annual Report 2013" (PDF). Yara International. Retrieved 14 April 2014.
  2. ↑ "Mergers in the fertiliser industry". The Economist. 18 February 2010. Retrieved 21 February 2010.
  3. ↑ Stigset, Marianne (15 July 2008). "Yara Quarterly Profit Gains Threefold; Buys Plant". Bloomberg. Retrieved 2009-03-25.
  4. ↑ "Company overview".
  5. ↑ "1900-1905". yara.com.
  6. ↑ "”That I can get for you!”". yara.com.
  7. ↑ "Three remarkable men". yara.com.
  8. ↑ "1906-1919". yara.com.
  9. ↑ "A dynamic and visionary leader". yara.com.
  10. ↑ "Yara at a Glance(press release)". Yara Media Relations. March 2014.
  11. ↑ "The Yara Prize". yara.com.
  12. ↑ "2008: Yara appoints new CEO". yara.com.
  13. ↑ Yara, CF in talks to create $27 billion fertilizer giant. Reuters, 23 September 2014
  14. ↑ "Norway's Yara fined $48 mln after cross-border bribery probe". Reuters. January 15, 2014.
  15. ↑ "Avslører en ukultur". VG.
  16. ↑ "Yara corruption trial set for early next year". News in English.no. April 3, 2014.
  17. ↑ Line Dugstad (2014-01-18). "Tiltale ble godkjent i statsråd". Dagens Næringsliv. p. 10.
  18. ↑ Line Dugstad; Morten Ånestad (2014-01-18). "Direktører peker på hverandre". Dagens Næringsliv. pp. 8–9.
  19. ↑ "Yara completes $225 mln Libya fertiliser deal". Reuters. February 9, 2009.
  20. ↑ Dagens Næringsliv, 2011-04-16, p.4
  21. ↑ "Yara acquires the minority stake in Russian fertiliser plant". Gasworld.com. February 10, 2005.
  22. ↑ "Timeline: Fertilizer maker Yara's ambitious expansion". Reuters. February 16, 2010.
  23. ↑ "2007:Yara announces Kemira GrowHow takeover". Yara's website. 2007.
  24. ↑ Wilhelmsen Maritime Services (August 22, 2007). "Press release - Yara and Wilhelmsen enter innovative environmental collaboration". wilhelmsen.com. Retrieved 2013-01-13.
  25. ↑ "Sale of Saskferco is finalized (press release)". Government of Saskatchewan. October 1, 2008.
  26. 1 2 "Yara completes $225 mln Libya fertiliser deal". Reuters. February 9, 2009.
  27. ↑ "Yara JV Qafco signs letter of intent for expansion". Yara.com.
  28. ↑ "Yara acquires remaining 50% of Balderton Fertiliser (press release)". Cisionwire. January 28, 2010.
  29. ↑ "Yara to Buy Bunge Brazil Fertilizer Assets for $750 Million (press release)". Bloomberg. December 7, 2012.
  30. ↑ Yara International (October 21, 2013). "Yara and Wilhelmsen strengthen collaboration in maritime emissions reduction market". yara.com. Retrieved 2013-01-13.
  31. ↑ "New Yara acquisition in Latin America(press release)". Yara Media Relations. November 26, 2013.
  32. ↑ "Nederland bevriest Libische tegoeden". nos.nl.
  33. ↑ Dagens Næringsliv, DN Magasinet, 2011-04-16, p.53: "Det har opprettet et selskap i Nederland sammen med libyske partnere som skulle vise seg å ha tette forbindelser til Muammar Gadaffi og hans klan."
  34. ↑ Dagens Næringsliv, DN Magasinet, 2011-04-16, p.53
  35. ↑ Yara International (May 6, 2014). "Yara approves dividend and share buy-back program and elects new chairperson". yara.com.
  36. 1 2 "Reitan stands down as Yara chairman". newsinenglish.no.
  37. ↑ Tone Iren Sørheim, Andreas Wolden Fredriksen, Sophie Lorch-Falch. "Reitan: - Ønsker mer tid med familien". E24.
  38. ↑ Johnsrud, Ingar (2 June 2012). "Slik skjules lønnshoppene" [Hidden Salaries] (in Norwegian). E24. Retrieved 11 July 2014.
  39. ↑ E24. "Yaras ryddegutt kommer fra korrupsjonsetterforsket selskap". E24.

External links

Media related to Yara at Wikimedia Commons

Coordinates: 59°54′52.70″N 10°42′54.15″E / 59.9146389°N 10.7150417°E / 59.9146389; 10.7150417

This article is issued from Wikipedia - version of the Sunday, April 24, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.