The sale of Yara Formates to ADDCON Agrar has been completed.

The Norwegian company informed last year that it has been negotiating a sale of Yara Formates to ADDCON, a privately owned German company focused exclusively on the formates business.

The negotiations have now been completed, and 100 per cent of the shares in Yara Formates have been taken over by ADDCON.

ADDCON says it intents to continue the operational activities of Yara Formates without major changes.

Yara Formates produces and sells formates created from formic acid to a number of different applications, including grass and fish preservation, food additives, de-icing of airports and oilfield chemicals.

The value of Yara Formates is approximately NOK 200 million.