April 11, 2016 / 6:16 AM / 2 years ago

BRIEF-Yara to invest $275 mln in Brazil plant

April 11 (Reuters) - Yara International Asa says:

* Will invest around BRL 1 billion ($275 million) in expanding and modernizing its Rio Grande plant

* “Set for completion in 2020, the investment will create one of the biggest and most modern fertilizer sites in the Americas”

* “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,” says CEO, Svein Tore Holsether, in a statement

* The expansion project will double the site’s current 800,000 tonne annual fertilizer production and blending capacity, and provide customers with increased access to Yara’s premium products, thereby reducing reliance on finished fertilizer imports

* The facility is expected to create over a thousand direct and a further three to four thousand indirect employment opportunities

* The investment follows approximately USD 1.5 billion of expansions and acquisitions carried out by Yara in Brazil in recent years Source text for Eikon: Further company coverage: (Reporting By Stine Jacobsen)

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