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Business

Yara Sells European CO2 Unit To Praxair

by Alexander H. Tullo
September 21, 2015 | A version of this story appeared in Volume 93, Issue 37

Fertilizer maker Yara has agreed to sell its European CO2 business, as well as its 34% stake in the Yara Praxair Holding industrial gases joint venture, to Praxair for $360 million. The European CO2 business sells 850,000 metric tons of liquid CO2 and 50,000 metric tons of dry ice annually. In 2014, it made $24 million on $127 million in sales, mostly to food and beverage suppliers. It runs five liquefaction plants, three CO2 ships, seven ship terminals, and six dry-ice production facilities. Yara will continue to operate three of the CO2 liquefaction facilities, which are part of its fertilizer plants. Yara Praxair racked up earnings of $40 million on $164 million in sales for 2014.

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