Global Agribusiness Shifts Focus: Yara International Sells Ivory Coast Operations to Prioritize Strategic Growth in Africa

Global Agribusiness Shifts Focus: Yara International Sells Ivory Coast Operations to Prioritize Strategic Growth in Africa

(IN BRIEF) Yara International ASA has announced the divestment of its fertilizer import and distribution subsidiary in Ivory Coast as part of a strategic shift to focus on high-potential markets in Africa. This move is aligned with Yara’s 2030 Africa Food Systems Transformation strategy, which aims to invest in regions that offer the greatest potential for sustainable growth and partnerships with smallholder farmers. Yara assured that no jobs will be lost due to the divestment, which was finalized on August 22, 2024.

(PRESS RELEASE) OSLO, 23-Aug-2024 — /EuropaWire/ — In a strategic move to streamline its operations and enhance focus on high-potential markets, Yara International ASA, a leading player in global crop nutrition, has announced the divestment of its fertilizer import and distribution subsidiary in Ivory Coast. The decision follows an in-depth analysis of market dynamics, regulatory challenges, and strategic opportunities across the continent. This divestment is a key step in Yara’s broader 2030 Africa Food Systems Transformation strategy, which aims to prioritize investment in regions where the company can establish stronger, more sustainable partnerships with smallholder farmers.

Luis Alfredo Pérez, Senior Vice President of Yara Africa, emphasized that the decision aligns with the company’s phased approach to becoming a leader in Africa’s food system transformation. “Our focus is on markets that offer the greatest potential for closed-loop partnerships, which are essential for improving the productivity and profitability of Sub-Saharan smallholder farmers,” Pérez stated.

Wikus Grové, Financial Director of Yara Africa, added that the move is part of a disciplined strategy to optimize capital allocation, enhance shareholder value, and ensure sustainable growth. “We are confident that this decision will enable us to better position our company for long-term success,” Grové said.

Despite the divestment, Yara has assured its workforce that no jobs will be lost as a result of the sale, underscoring the company’s commitment to its employees. Taz Hassim, HR Business Partner for Yara Africa, reiterated the value the company places on its talented workforce and their role in Yara’s continued success.

The divestment was finalized on August 22, 2024, marking a significant step in Yara’s ongoing efforts to refine its strategic focus and invest in regions with the highest potential for impact and growth.

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SOURCE: Yara International ASA