Knutsen is Head of Yara Downstream
Yara International ASA has appointed Terje Knutsen as Head of Downstream. He succeeds Egil Hogna, who has submitted his resignation. Knutsen will assume his new position on 1 May 2015. Yara's Downstream business unit manages the company's global sales, marketing and distribution of fertilizers. Terje Knutsen currently heads Yara's business unit for Downstream activities in North & East Europe. Prior to this, he was Head of Business Unit Asia. Aged 52, Knutsen holds a Master's degree in economics and business administration from the Norwegian School of Economics (NHH). Since joining the company in 1987, he has had an extensive international career, working twelve years outside Norway. Knutsen will be part of Yara's executive management team and report to the President and CEO.
Yara Reports Strong 3Q Results
Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara reports a strong third-quarter result with record deliveries, reflecting both organic growth and the Bunge acquisition in Brazil," said Torgeir Kvidal, Acting Chief Executive Officer of Yara. "Our European production plants performed well, with both higher production and improved margins as natural gas cost has declined," said Torgeir Kvidal. Yara reports third-quarter net income after non-controlling interests of NOK 1,707 million (NOK 6.18 per share), compared with NOK 1,571 million (NOK 5.66 per share) a year earlier.
No Merger of Yara & CF Industrie
Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process, with solid work by both parties. We were able to identify significant structural and operational synergies, but in the end it became clear that we would not be able to agree on terms that would be acceptable to all stakeholders," said Torgeir Kvidal, President and Chief Executive Officer of Yara International ASA. "I would like to thank the management team and Board of Directors of CF Industries for their hard work and cooperation throughout the discussions," said Kvidal. "Yara has an industry-leading business model combining a broad product portfolio and an unrivalled global market presence.
Kvidal Named Yara Int'l Acting CEO
Torgeir Kvidal is appointed Acting CEO effective 7 October 2014, and Jørgen Ole Haslestad has resigned as Yara CEO. "Yara's Board have concluded that Haslestad is not the right person to lead the company going forward, also in light of the on-going talks with CF Industries. Haslestad would not have a role in a potential merged company," says Leif Teksum, Chairman of the Yara Board of Directors. "I would like to take this opportunity to thank Jørgen for his contribution to Yara, first as a Board member and since 2008 as CEO. Yara has made considerable progress under Haslestad's leadership," says Teksum. "The discussions with CF Industries will continue with Kvidal leading the Yara team, with support from the Board and in particular from me as Chairman," says Teksum.
