Yara opens its first foliar fertilizer plant in Brazil

SAO PAULO, March 14 (Reuters) - Yara Brasil Fertilizantes SA opened a new fertilizer plant in Brazil on Wednesday, as it strengthens its presence in one of the world’s fastest growing agricultural markets.

Some 100 million reais ($30.73 million) was invested in the plant, which will produce foliar fertilizer for crops including soybeans and corn. The new unit is in São Paulo state near the port of Santos, the company said.

Lair Hanzen, Yara’s chief executive in Brazil and vice-president of Yara International, said the country is one of the most important for the company. It derives a quarter of its global sales from Brazil.

Yara has invested more than $3 billion in acquisitions and modernization projects in Brazil, he said.

The fertilizer market in Brazil has been growing at an average rate of 3 percent in past years, Yara said citing data from national fertilizers group Anda.

$1 = 3.2538 reais Reporting by José Roberto Gomes Writing by Ana Mano Editing by Susan Thomas