Yara to acquire 100 percent of Phosyn plc
Yara International ASA has entered into a letter of intent with the other shareholders of the UK based micronutrient company, Phosyn plc, to increase its shareholding position from 35 to 100 percent. This planned acquisition confirms Yara's commitment to expanding its speciality plant nutrition business.
The closing date for the acquisition is expected to be during second quarter 2006 subject to approval by regulatory authorities. The parties have agreed not to disclose the purchase price.
Phosyn has a unique commercial approach for sales of micronutrients based upon soil or tissue analysis. It has two wholly owned laboratories and operates the Megalab system in cooperation with external laboratories all around the world. The total number of employees is 146 with production and head office in Pocklington, UK.
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