Yara International to sell Ivory Coast subsidiary
Yara International has announced that it will sell its fertilizer import and distribution subsidiary in Ivory Coast with a view to realizing its goal of transforming Africa’s food systems by 2030.
The Norwegian chemical producer said that it took the decision to divest after surveying market dynamics, regulatory environments, and growth opportunities.
Yara indicated that it intends to pivot towards other countries on the continent that will offer better opportunities to prosecute its regional strategy, which it says is designed to boost the productivity and profitability of sub-Saharan smallholders.
The company said the sale will likely be finalized by the end of April 2024. It did not, however, name the interested party.
Wikus Grové, the financial director of Yara Africa, said of the development: ‘It is imperative that we streamline our operations and exercise prudent capital allocation. A realistic and disciplined approach is necessary, with a strong focus on core markets that can yield scale and drive bottom-line growth.’
The company added that no jobs will be lost as a result of the decision.