BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Yara International ASA (YARIY.PK) said the company is considering an IPO of its industrial nitrogen businesses. The company will be conducting an evaluation process for the IPO, and will form a new business entity joining Mining Applications, Transport Reagents and Industrial Nitrates. Yves Bonte will be the CEO of this entity. The decision on a final IPO scope is anticipated by early 2020.
'Yara is well underway to becoming a focused crop nutrition company, and the evaluation of an IPO is an important step in that direction,' said Svein Tore Holsether, CEO of Yara.
Yara said the company is on target regarding its Improvement Program. The Program will be expanded from 2020 to 2023, leading to a 70% increase in targeted earnings improvements.
Also, Yara updated targets for capital allocation reflecting its commitment to a mid-investment grade credit rating. The company increased the target for ordinary dividends to 50% of net income.
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