YARIY Yara International ASA (PK)

By Dominic Chopping

Norwegian fertilizer producer Yara International ASA (YAR.OS) said Monday it will invest one billion Brazilian reals ($275 million) to expand and modernize its Rio Grande plant in Brazil, as part of its strategy to bulk up in the country's expanding agricultural industry.

The investment will double the site's annual fertilizer production to 800,000 metric tons when it is completed in 2020, it said.

"This expansion represents another step in our Brazil growth strategy, further establishing our position in Brazil as a long-term industry player, committed to developing and investing in Brazilian agribusiness," said Yara's chief executive, Svein Tore Holsether.

Yara has previously spent around $1.5 billion expanding its presence in Brazil in recent years. In 2013 it completed the $750 million acquisition of Bunge Ltd.'s (BP) fertilizer business in Brazil, followed in 2014 by the $318 million purchase of a majority stake in Brazilian fertilizer company Galvani Indústria, Comercio e Servicos S/A. It has also built processing terminals in two locations in the country.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

April 11, 2016 03:21 ET (07:21 GMT)

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