Yara acquires gulf coast ammonia plant. | Published on: Jul 2, 2026 â?¢ The acquisition demonstrates execution of Yara's strategy to diversify its energy exposure and enhance the competitiveness of its global ammonia production footprint. â?¢ Yara will own the ammonia plant with an expected nameplate capacity of 1.3 mtpa, with Air Products supplying the industrial gases to Yara as part of a long-term supply agreement. â?¢ Yara will utilize its midstream ammonia platform to supply both external customers and its own internal sourcing needs. â?¢ The plant is currently in commissioning and is anticipated to continue ramping up toward full production and stable operations by end of 2026, with production targeted at above nameplate capacity. â?¢ Yara sees investing in the U.S. as highly attractive, reinforcing its long-time presence as a reliable provider of crop nutrition solutions and producer of ammonia. "By bringing this plant into the Yara portfolio, we are strengthening our operational resilience and diversifying our energy costs at a time when supply flexibility matters more than ever. This addition of world-class U.S. production capacity supports our long term strategy of diversifying our energy exposure, capturing economies of scale, and lowering both fixed costs and capital per tonne. With a century of experience and a proven commitment to safety across our operations, sales, and distribution networks in over 60 countries, Yara will contribute to reliable supply across critical value chains, in the U.S. and beyond," said Svein Tore Holsether, President and Chief Executive Officer. Strengthening Yara's competitiveness The acquisition demonstrates execution of Yara's strategy to diversify its energy exposure through value-accretive, disciplined investments that improve competitiveness and support long-term earnings expansion. Yara will utilize its midstream ammonia platform to supply both external customers, and its own internal sourcing needs. This further strengthens Yara's ability to serve its fertilizer production system and key industrial customers with reliable ammonia supply. The acquisition includes the ammonia synthesis loop and related ammonia storage and exclusive use of loading infrastructure. Hydrogen and nitrogen supply, along with other utilities, are supplied through a long-term contract with Air Products, which owns and operates the largest hydrogen pipeline network in the United States. This contributes to Yara's strategic priority of gas diversification, with a significant increase of U.S. gas exposure (Henry Hub). The set-up is similar to Yara's operations in Freeport, Texas, where a comparable model combined with Yara's ammonia expertise has supported strong operational improvements and consistently high performance. The plant is completing outstanding work toward a gradual ramp-up to its 1.3 million metric ton nameplate capacity and stable operations, currently anticipated by the end of 2026. Yara brings a century of experience in ammonia production to this acquisition and will work together with Air Products to improve plant reliability and performance, targeting production to or beyond nameplate capacity. Following a comprehensive technical due diligence, Yara confirmed the GCA plant's potential to become one of the most efficient and profitable assets in the global portfolio, strengthening Yara's position on the global ammonia cost curve. Yara's flexible system enables multiple pathways for profitable decarbonization. Yara and Air Products extend their collaboration through this acquisition, and through finalizing the previously announced marketing and distribution agreement for renewable ammonia from the NEOM Green Hydrogen plant in Saudia Arabia. In addition, the set up in GCA presents opportunities for a flexible, step-wise entry to low-carbon ammonia, subject to regulatory development and financial viability. Financial impact and capital discipline The USD 1.3 billion consideration increases Yara's total capex outlay for 2026 to USD 2.5 billion and is within the expected capex allocated for ammonia investments 2026-2030 at its Capital Markets Day in January 2026. As of 1Q 2026, Yara reported a strong balance sheet with Net debt/EBITDA1 of 1.00. This acquisition implies a pro forma Net Debt/EBITDA1 of 1.73 including dividend payment made in May, remaining within the limits of Yara's capital allocation policy. Yara reiterates its capital allocation framework for 2026-2030 targeting average annual capex spend of 1.2 BUSD in real terms, strict capital discipline and shareholder returns in line with its dividend policy. While this acquisition brings forward part of the anticipated growth capex for the next years, it also accelerates the associated cash flows from new ammonia capacity. Further growth investments over the period will be limited and focused on selective high return opportunities. Parallel to executing its strategic priorities through this acquisition, Yara remains focused on its improvement to strengthen cash flow and maintain balance sheet robustness, while continuing to deliver attractive shareholder distributions. Yara remains committed to its capital allocation policy based on an overall objective of maximizing value creation for shareholders and maintaining a BBB/Baa2 credit rating, with a targeted capital structure consisting of a mid-to-long term net debt/EBITDA1 excl. special items rate of 1.5-2.0 and a net debt/equity1 ratio below 0.60. Following completion of the acquisition, Yara's immediate priority will be commissioning the GCA plant while delivering on its previously announced EBITDA1 improvement targets. With its resilient, future-ready business model, Yara is well positioned to deliver strong shareholder returns today and in the future. Sellers offered the plant for sale pursuant to an auction process, facilitated by J.P. Morgan Securities LLC who acted as financial advisor to GCA Holdings, LLC in connection with the transaction. Completion of the acquisition is subject to customary closing conditions, including receipt of relevant regulatory approvals. About Yara in the United States Yara North America, Inc. is a provider of crop nutrition, ammonia, and industrial solutions serving agricultural and industrial customers in the United States. With a U.S. presence dating back to 1946, Yara North America, Inc. employs approximately 185 people and operates seven strategically located import and distribution terminals that support key industrial and agricultural regions, particularly for specialty crop production. In addition, Yara is the majority owner of a joint venture that owns an ammonia production facility in Freeport, Texas. About Yara Yara is a global leader in crop nutrition and ammonia with a mission to responsibly feed the world and protect the planet. Yara operates a global, flexible production system that delivers a diversified portfolio of nitrogen-based products. With its extensive global market reach and more than a century of agronomic knowledge and continuous innovation, Alliance Grain Company partner across the value chain to improve crop yields, optimize resource use, and reduce environmental impact. Through diversified energy exposure and profitable decarbonization efforts, Yara is uniquely positioned to strengthen industrial competitiveness and create longâ???term value for customers, shareholders, employees, and society at large. Founded in Norway in 1905, Yara operates in over 60 countries and serves more than 140 markets, employing about 15,700 people. In 2025, Yara reported revenues of $15.7 billion.

Air Products expands Missouri membrane center to boost hydrogen production and clean fuels. Air Products and Chemicals has just taken a big step forward with a shiny new US$70 million expansion of its Membrane Solutions Manufacturing and Logistics Center, right in the heart of St. Louis, Missouri. This upgraded facility is gearing up to crank out more membrane modules that capture hydrogen from industrial off-gases, transform raw biogas into high-quality biomethane, generate nitrogen-enriched air for making aerospace fuel tanks safer, and provide inert gases for marine fuel safety systems. This expansion is really something special - it's the biggest single-site investment in the history of Membrane Solutions, bringing with it over 70 advanced manufacturing and logistics roles. It clearly shows Air Products' commitment to driving advancements in hydrogen production and cleaner fuels. Key insights. * US$70 million investment, creating 70+ new jobs in Missouri. * Boosted production of hydrogen recovery and biogas upgrading membrane technologies. * New capabilities for generating aerospace nitrogen and ensuring marine fuel safety. * The largest investment ever for Air Products Membrane Solutions. * Strengthens cash flow in the near term ahead of big hydrogen projects. * Enhances the hydrogen infrastructure in the Midwest. Technical dive. Diving into the tech side of things, this expanded center is all about those slick polymer and composite membrane modules that help separate different gas mixtures due to their selective permeability. Picture this: in a typical hydrogen recovery unit, pressurized off-gas streams packed with hydrogen, methane, and heavier hydrocarbons flow into hollow-fiber or spiral-wound membranes. The hydrogen molecules zip through these membranes more quickly, popping out as a purified permeate stream, while the leftover gases hang out in a retentate stream that can be used as low-pressure fuel or even recycled. By adjusting the pressure, temperature, and surface area of the membranes, we can boost hydrogen purity and recovery rates, often exceeding 90% with the right setup. And when it comes to upgrading biogas, these systems compress the raw stuff, using CO[2]'s tendency to permeate better than methane, helping produce biomethane that meets pipeline specs. Oh, and let's not forget the nitrogen generators for aerospace - they work by keeping nitrogen in the feed stream while venting out the oxygen and moisture. Pretty neat, right? Business angle. Looking at the business side of things, this US$70 million investment marks a significant shift towards more compact and tech-driven revenue opportunities. Unlike those heavyweight blue and green hydrogen megaprojects that require a mountain of cash upfront, these membrane solutions aren't as tough on the wallet and can start bringing in returns pretty quickly. By setting up shop close to key industrial players like refineries, wastewater treatment plants, and port authorities, Air Products is cleverly cutting down on lead times and shipping costs. This move not only positions them for better cash flow but also supports an impressive financial outlook, with earnings-per-share estimates on the rise and revenue projections soaring to about US$15.4 billion by 2029. Diversifying their industrial gases portfolio helps balance out the risks tied to big projects and keeps the momentum going in the realms of cleaner fuels and hydrogen production. Integration with hydrogen portfolio. Linking it all together, membrane gas separation is carving out a crucial role in Air Products' ambitious hydrogen infrastructure. While their existing and planned facilities are all about bulk hydrogen production through methods like steam methane reforming or electrolysis, these membrane modules are fantastic for capturing leftover hydrogen and processing biogas feeds. This layered approach backs both blue and green hydrogen pathways - these membranes can purify hydrogen from the tail gas of blue hydrogen projects and enhance biomethane in green initiatives. So, this expanded manufacturing capacity supports a variety of hydrogen production techniques, connecting traditional industrial gas markets with the push for greener strategies across energy, manufacturing, and mobility. Investor perspective. From an investor's standpoint, the Missouri expansion is seen as a reassuring stabilizer amid the cash-heavy demands of flagship hydrogen and ammonia plants. With the quicker returns from Membrane Solutions, it acts as a bit of a safety net against the risks of executing those multi-billion-dollar projects. Analyst upgrades suggesting stronger earnings-per-share forecasts signal robust demand for the core industrial gases, while the additional cash flow from membrane modules can really help smooth out quarterly performance. Now, estimates on the fair value of Air Products' shares are all over the place, but many are saying that adding this scalable membrane hub makes the mid-cycle growth outlook a lot brighter. Still, the key will be nailing down the delivery and integration of both membrane systems and large-scale hydrogen facilities without blowing the budget. Regional impact. Locally, this expansion is creating over 70 new jobs in engineering, production, and logistics, bringing a fresh wave of energy to the St. Louis area, which is home to about 2.8 million people and has a solid manufacturing and transportation setup. Nestled in an industrial corridor along the Mississippi River, this facility enjoys easy access to waterways, rail terminals, and highways, which is a real win for transportation logistics. Plus, the competitive rents and labor costs make it easier for Air Products to keep those expenses down. These new jobs will likely bolster local tax revenues and strengthen ties with universities that are churning out skilled talent. And with the enhanced membrane production, the Midwest is poised to become a key player in hydrogen infrastructure, enabling quicker delivery of separation units to customers throughout North America. Environmental & policy outlook. The technologies based on membranes are making a real dent in the push for industrial decarbonization by reducing methane slip, cutting down flaring, and upgrading renewable gas feeds. With hydrogen recovery, we're slashing CO[2] emissions tied to on-site fuel use, and biomethane production replaces fossil fuels in heating and power generation. As international shipping and aviation are shoved into stricter emissions regulations, those nitrogen and inert gases generated at this center are key for safety and compliance - all without cranking up carbon intensity. While we don't have the specific environmental metrics for this Missouri facility just yet, scaling up modular separation systems fits in nicely with incentives aimed at low-carbon fuels. Plus, the state and federal push for developing hydrogen infrastructure could really boost demand for membrane solutions, creating a positive feedback loop of investment and policy backing. In the end, this new expansion in Missouri really highlights the yin and yang of the hydrogen economy: we need massive production and distributed, mid-cycle technologies to grow hand in hand. By cranking out membrane units at scale, Air Products is not only ensuring a steady stream of revenue but also boosting the hydrogen infrastructure and laying the groundwork for bigger energy transition projects down the line. While it doesn't completely erase the challenges that come with mega-investments, it shines a light on how incremental, tech-focused growth can buttress financial stability and reinforce the company's position as a leader in clean fuels and industrial decarbonization.