Yara Sells European CO₂ Unit To Praxair

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.