Yara International ASA Announces Divestment of Assets in Ivory Coast

On August 22, 2024, Yara International ASA, a global leader in crop nutrition, announced its decision to divest its fertilizer import and distribution subsidiary in Ivory Coast. This strategic move comes as part of Yara's broader assessment of its global operations amid evolving challenges in the food industry. The company has carefully reviewed market conditions, regulatory landscapes, and growth opportunities, leading to the conclusion that reallocating resources to other regions in Africa will better support its 2030 Africa Food Systems Transformation strategy.

Luis Alfredo Pérez, Senior Vice President of Yara Africa, explained that the divestment aligns with the company’s phased approach to leadership in Africa's food systems transformation. "To achieve our goal of leading the Food Systems Transformation in Africa, we need to adjust our geographical footprint and focus on areas with the greatest potential for impactful partnerships. This strategic shift will help us enhance productivity and profitability for smallholder farmers in Sub-Saharan Africa," Pérez said.

Wikus Grové, Financial Director for Yara Africa, emphasized that this decision is part of a broader strategy to optimize capital allocation and focus on core markets that offer significant growth potential. "Streamlining our operations and prioritizing investments in high-potential regions will allow us to maximize returns and enhance shareholder value. This disciplined approach is crucial for sustaining long-term success," Grové added.

Taz Hassim, HR Business Partner at Yara Africa, assured employees that the divestment will not result in job losses. "We remain committed to our talented workforce, who are central to our success. We want to reassure our employees that their jobs are secure as we move forward with this strategic decision," Hassim stated.

Overall, Yara’s decision to divest its Ivory Coast operations is a strategic step towards focusing on markets with higher potential for achieving its long-term objectives in Africa.

Yara International ASA, a Norwegian chemical company founded in 1905 as Norsk Hydro, is a global leader in agricultural and industrial products. Renowned for being the world's first producer of mineral nitrogen fertilizers, Yara specializes in producing and marketing nitrogen-based mineral fertilizers. The company’s product range includes phosphate and potash-based fertilizers, as well as complex and specialty mineral fertilizers. Yara transitioned to its current name on March 25, 2004, following a demerger from Norsk Hydro. Yara is headquartered in Oslo and is listed on the Oslo Stock Exchange. The company operates production sites across six continents, has a presence in over 60 countries, and sells products to approximately 150 countries.