Israel-based specialty minerals company ICL (TASE: ICL; NYSE: ICL) has announced the acquisition of US-based Custom Ag Formulators (CAF) for $60 million (£48 million). This acquisition marks ICL's second growing solutions purchase in 2024, reflecting its strategic focus on expanding its product offerings and bolstering its position in new and emerging markets.
CAF is a specialist in providing tailored agricultural formulations and products for growers. The company offers a comprehensive range of liquid adjuvants, enhanced nutrients, and other specialty products, designed to meet the specific needs of farmers.
CAF operates two US-based manufacturing facilities. One is located in Fresno, California, and the other in Adel, Georgia. Both sites produce liquid and dry formulations, strategically positioned to ensure same-day delivery to key agricultural regions on both the East and West Coasts, as well as the Central US.
ICL Growing Solutions president Elad Aharonson highlighted the strategic value of the acquisition, stating: âThis acquisition further enhances the growth of our global growing solutions business. It enables us to better meet the distinctive requirements of local growers through our existing distribution network. Additionally, it allows us to directly address the specific needs of farmers across the West Coast and the Southeast, where crops and their nutritional requirements can vary significantly.â
Patrick Murray, principal and director of sales at Custom Ag Formulators, expressed enthusiasm about the future of the company within the ICL Group: âCustom Ag Formulators was established to provide high-quality products with custom formulations and packaging in a timely and efficient manner. For over 25 years, our mission has been to consistently lead the industry in customer service, quality, and product innovation. We are excited to move this mission forward with the support and resources of ICL Group.â
This acquisition strengthens ICL's commitment to providing innovative and sustainable solutions for the global agriculture industry. By integrating CAF's expertise and capabilities, ICL aims to further expand its reach and impact within the growing solutions market.
Published by Globes, Israel business news - en.globes.co.il - on July 29, 2024.
