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Yara International ASA (OSL:YAR) Oslo (2008-10-24): Yara will temporarily stop production of urea and ammonia at its site in Ferrara, Italy from 1 November 2008.
The Ferrara plant transforms natural gas into ammonia and urea, which are the main components in the production of nitrogen fertilizers and chemicals. The plant has an annual production capacity of 600,000 tons of ammonia and 500,000 tons of urea. The decision to stop production temporarily is related to the current situation in international urea markets, where lower activity and price levels have impacted profitability.
The Ferrara plant will be conserved and on standby for start-up when market conditions improve. Lay-offs are not anticipated, as employees will attend to plant safety and other tasks within the group. In the meantime, Yara will continue to fulfil customer contracts from built-up stock and alternative product sourcing.
Yara International ASA is a leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry. www.yara.com
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