Norwegian industrial firm Yara is about to become an even bigger fertilizer producer than it already is, after announcing late last week that it intends to buy up Bunge’s fertilizer operations in Brazil for NOK 4.2 billion (USD 740 million).
“Brazil will become our most important single market,” said Yara chief executive Jørgen Ole Haslestad. “We hope to grow even more in the coming years.”
If the acquisition of Brazilian Bunge’s fertilizer business is approved by government regulators, Yara will become the largest supplier of fertilizer in Brazil. Bunge has been the country’s second-largest fertilizer supplier with a market share of 16 percent, reported newspaper Aftenposten.
Brazil’s agricultural industry is also growing quickly, and has undeveloped land that can be put into farming. Yara now has around 1,100 employees in Brazil, a figure that will more than double if the Bunge deal is completed.